Existing home sales continue to slide in Arizona, nationwide

Existing U.S. home sales slipped 5.4% to an annualized 3.89 million — the lowest level since December 2023 — after falling 0.7% in May, according to the National Association of Realtors .

This is the fourth-straight drop amid high mortgage rates and low affordability, which have undermined home demand, said Jay Hawkins, senior economist for BMO Capital Markets.

WE'RE HERE TO HELP

Do you have a concern in your community or a news tip? We want to hear from you!

Email us: share@abc15.com

Follow us: Facebook | Instagram | YouTube

At the same time, the median sales price jumped to a record high of $426,900 nationwide, according to NAR. This is the second straight month it reached an all-time high, and the 12th consecutive month of year-over-year price gains.

"The weakness in the housing market outside of home prices is likely to continue until the Fed starts cutting interest rates in September," Hawkins said.

Read more of this story from the Business Journal.

Watch ABC15 live:

Latest from ABC15:

• Chipotle CEO vows to ensure customers have 'generous' portion sizes

  Justin Boggs

  8:54 AM, Jul 25, 2024

• Texas woman's lawsuit after being jailed for murder over abortion can proceed

  AP via Scripps News

  8:47 AM, Jul 25, 2024

• Rio Verde Foothills community works to become Firewise community

  Ashley Holden

  8:33 AM, Jul 25, 2024

• Southwest is getting rid of open seating and will now assign seats

  Elina Tarkazikis

  8:07 AM, Jul 25, 2024