US Home Sales Stall as Buyer Stampede Leaves Scant Inventory
In the most competitive housing market in U.S. history, sales are beginning to stall.
Home transactions fell 1.2 percent in June from May, the largest drop for the month in records going back to 2012, according to seasonally adjusted data from Redfin Corp. The inventory reached an all-time low, with buyers scooping up properties in 14 days, the fastest pace ever.
Remote work combined with rock-bottom mortgage rates unleashed a stampede of buyers to the suburbs and affordable cities across the U.S. The median home price in June jumped 25 percent from a year earlier to a record $386,888.
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