U.S. existing home sales fell 2.7% in June to an annual rate of 3.93 million, the slowest pace since last September, as high mortgage rates and record prices continued to weigh on buyers.

The national median home price hit an all-time high of $435,300.

Although housing inventory rose 16% from last year, it remains below pre-pandemic levels.

With mortgage rates hovering near 7%, affordability remains a key issue, sidelining many first-time buyers, the Associated Press has reported.

Homes are staying on the market longer, and more sellers are cutting prices or pulling listings altogether.

Written by B.C. Begley