US Homes Hit ‘Highest Price Ever Recorded’ as Sales Numbers Fall: Report

The sale of existing homes fell by 5.4 percent in June compared to May, amid the median sales price hitting the “highest price ever recorded,” according to a July 23 press release from the National Association of Realtors (NAR). The median existing home sales price for June was $426,900. All four U.S. regions—Northeast, Midwest, South, and West—posted sales declines for the month. “We’re seeing a slow shift from a seller’s market to a buyer’s market,” said NAR’s 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.”...