Having ticked up 2.5 percent in May, the seasonally adjusted pace of existing-home sales across the U.S. slipped 1.7 percent in June to an annual rate of 5.27 million transactions which is 2.2 percent below its mark at the same time last year, according to the National Association of Realtors.

At the same time, the inventory of existing homes on the market across the nation ticked up by 1.0 percent to 1.93 million homes, which is even with the same time last year (versus 4 percent higher in San Francisco).

Out West, the pace of existing-home sales fell 3.5 percent last month to an annual rate of 1.09 million sales, which is 5.2 percent lower on a year-over-year basis, with a median sale price of $410,400, which is 2.3 percent higher, year-over-year, versus 4.3 percent higher nationwide.

And that’s all despite “exceptionally low mortgage rates, a record number of jobs and a record high net worth in the country.”

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Comments from “Plugged-In” Readers

  1. Posted by wilson

    Wow! Even Realtors are copping to the chill coming over the market. Malaise! ““Prices have dropped in Silicon Valley and sellers just aren’t used to the concept that [prices] can go down,” said Ken DeLeon, founder of DeLeon Realty in Palo Alto, Calif. “There’s just this malaise buyers had of, ‘I feel like it’s gonna drop further.’”

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