US Existing-Home Sales Drop a Fifth Month to a Two-Year Low

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Reade Pickert | Bloomberg | Jul 20th, 2022
Category: Financial News

Contract closings fell 5.4% in June, more than forecast
Median selling price rose to a fresh record of $416,000

Sales of previously owned US homes fell in June to a two-year low as a surge in borrowing costs continues to erode affordability.

Contract closings fell 5.4% from May to an annualized 5.12 million, figures from the National Association of Realtors showed Wednesday. The median estimate called for 5.35 million in a Bloomberg survey of economists.

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