Existing-home sales ran at a 4.09M seasonally adjusted annual rate in Late-Q2, ↓2.4% MoM but ↑2.8% yearly for the US market overall.
Inventory held at 1.56M homes, ↓0.6% MoM yet ↑1.3% yearly, while unsold supply reached 4.6 mo, versus 4.5 mo in Late-Q2 nationally.
Median price hit a record $440.6K, ↑1.8% yearly, extending 36 straight months of yearly gains as the affordability index improved to 102.3.
An economist said slight mortgage-rate shifts drove monthly volatility, but >500K jobs since Early-Q1 and wage growth outpacing prices helped affordability improve.
The key watch now: consistent inventory gains. Without them, an economist warned prices can accelerate, limiting further affordability progress and reducing homeownership opportunities.
