US existing home sales slumped for the fourth straight month in June, plunging a worse than expected 5.4% MoM (the worst MoM drop since Nov 2022) and dragging sales down 5.4% YoY...
Source: Bloomberg
Notably, existing home sales have not risen on a YoY basis since July 2021, with the SAAR total back below 4mm, near COVID lockdown lows...
Source: Bloomberg
The only segment of the market that saw sales rise the $1 million-plus cohort - which saw sales rise 3.6% YoY...
Source: Bloomberg
Meanwhile, the median home price rose 4.1% from last year to $426,900...
Source: Bloomberg
...so much for the hopes of a rate cut?
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