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Existing home sales plummeted to a six-month low as the median sales price soared to the highest price ever recorded for the second consecutive month, according to data from the National Association of Realtors (NAR).

Last month, total existing home sales dropped by 5.4% from May to a seasonally adjusted annual rate of 3.89 million in June. Year-over-year, sales also fell by 5.4% from 4.11 million recorded in June 2023.

The median existing-home price for all housing types in June was $426,900, an all-time high and an increase of 4.1% from the $410,100 recorded one year ago. All four U.S. regions registered price gains.

In this environment, the total housing inventory was 1.32 million units, up 3.1% from May and up 23.4% from the 1.07 million level of June 2023. Unsold inventory sits at a 4.1-month supply at the current sales pace, up from 3.7 months in May and 3.1 months in June 2023 – the last time unsold inventory posted a four-month supply was May 2020 when it was 4.5 months.

“We’re seeing a slow shift from a seller’s market to a buyer’s market,” said NAR Chief Economist Lawrence Yun. “Homes are sitting on the market a bit longer, and sellers are receiving fewer offers. More buyers are insisting on home inspections and appraisals, and inventory is definitively rising on a national basis.”