The relatively higher interest rates continue taking their toll on Existing Home Sales.  The number of resales dropped to the lowest number of closed June transactions since 1999 (that was a quarter of a century ago) and the slowest month overall since 2010 (that was the middle of the “housing crisis”).  For those of you keeping track at home, here are some figures that you can add to your own spreadsheets.

The annualized pace of 3.9M units is down 5.4% from this time last month.  That downturn in volume has pushed the median home price up again to another all time high at $426,900, which is a 2.3% increase from last month alone, and a healthy 4.1% higher than this time last year. There is still only a 4.1 month supply of homes for sale, but the 3.1% increase in new listings from last month will help get that closer to the 4.6% “normal” market number. The average home is only on the market 22 days before it’s under contract, and 29% of homes are selling above the original listed sales price.  If you’re looking to easily sell your home, there hasn’t been a better time.

Have a really great Pioneer Day and enjoy the rest of your week!  We’ll see the PCE Inflation data come out this Friday.  The Core number is expected to drop from 2.6% to 2.5%.  Personal Incomes are also expected to drop from +0.5% to +0.3% month over month.  These are both good signs of disinflation, and are welcome harbingers toward lower interest rates, which are still yet out on the horizon.  I’ll be in the Canadian woods for the rest of the week where there’s no Wi-Fi or cell service, and I’m looking forward to experiencing cooler temperatures and the uninterrupted sounds of nature.