US existing home sales slumped for the fourth straight month in June, plunging a worse than expected 5.4% MoM (the worst MoM drop since Nov 2022) and dragging sales down 5.4% YoY…

Source: Bloomberg

Notably, existing home sales have not risen on a YoY basis since July 2021, with the SAAR total back below 4mm, near COVID lockdown lows…

Source: Bloomberg

The only segment of the market that saw sales rise the $1 million-plus cohort – which saw sales rise 3.6% YoY…

Source: Bloomberg

Meanwhile, the median home price rose 4.1% from last year to $426,900…

Source: Bloomberg

That’s a new record high median price for existing homes in the US… and once again above the median price for a new home…

Source: Bloomberg

…so much for the hopes of a rate cut?