Home prices hit record high in June.

Dragging down sales.

Home prices hit record high in June, okay, dragging down sales.

Let's go through this.

So the national median existing home price in June rose to $435,000.

A record in data going back to 1990, a 2% increase from a year earlier while U.S.

existing home sales fell 2.7% from prior month to a seasonal adjusted annual rate of 3.93

million.

The slowest pace since September, according to the National Association of Realtors,

home buyers were hesitant with unaffordable

home prices and mortgage rates above 6.5%.

Making purchases difficult, Lawrence Young, NAR's chief economist, said, the fact that we hit record

high home prices is reflecting multiple years of under supply.

Nationally, there were 1.53 million homes for sale or under contract at the end of

June, down.6% from May, but up 15.9 from June of 2024, with more than one in four listings

on Zillow getting a price cut. That's a big number. The highest proportion for any June since

at least 2018, Diana Yala Sefi,

branch manager at New American Funding in San Antonio stated there is a lot more inventory

and the demand is not that great. So that makes for a better market for who? The buyer,

noting sellers are becoming a lot more flexible. So this story, Tom, is a weird story.

It's a story that's telling you the prices are going up, but it's also telling you

sellers are more flexible to wanting to sell. Tom, your thoughts on this story.

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