Sky-High Prices and Mortgage Rates Push Existing Home Sales to Slowest Pace Since 2010

Existing homes in June declined due to high prices and mortgage rates, marking the slowest pace since 2010.

Transcript

00:00It's Benzinga and here's what's on the block.

00:03Existing home sales in June declined due to high prices and mortgage rates marking the

00:07slowest pace since 2010.

00:09The median existing home price surged over 4% year-over-year to a record high of nearly

00:13$420,000.

00:16High prices and persistently high mortgage rates are deterring many potential home buyers.

00:21Inventory levels are rising but still low overall, exacerbating high prices due to an

00:25ongoing high demand and low supply.

00:28Homes are staying on the market longer as buyers wait for interest rate cuts or demand

00:32fewer contingencies like inspections.

00:34For all things money, visit Benzinga.com.