Existing home sales in the United States plunged 5.4% in June 2024 from the previous month, marking the steepest monthly drop since November 2022. This decline is attributed to heightened buyer apprehension, as the median sales price reached a record high for the second consecutive month. In June 2024, sales totaled 3.89 million units, a decrease from 4.11 million in May, according to data released Tuesday by the National Association of Realtors (NAR). Year-over-year, sales also fell by 5.4%. 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 $410,100 a year ago. Total housing inventory at the end of June was 1.32 million units, up 3.1% from May and 23.4% from a year ago (1.07 million). Unsold inventory stands 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. NAR chief economist Lawrence Yun commented, "We’re seeing a slow shift from a seller’s market to a buyer’s market." "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," the economist added. Chart: Home ...