Record Number of Home Sales Canceled in June: A Significant Decline and New Record Highs for Prices

Tampa, Florida United States of America
Affordability pressures and rising mortgage rates are contributing to the decline in sales.
Approximately 56,000 home purchases were canceled in June, equal to about 15% of all homes that went under contract during the same period.
Existing home sales dropped by 5.4% to an annual rate of 3.89 million units in June compared to May.
Inventory levels remain low and supply is struggling to keep up with demand.
The median existing-home sales price reached a new record high of $426,900 in June.
Record Number of Home Sales Canceled in June: A Significant Decline and New Record Highs for Prices

US home sales saw a significant decline in June, with deals falling apart at record rates according to multiple sources. Redfin reported that approximately 56,000 home purchases were canceled last month, equal to about 15% of all homes that went under contract during the same period. This marks the highest share of cancellations for June in Redfin's data since 2017 (Bloomberg).

The National Association of Realtors also reported a decrease in sales, with existing home sales dropping by 5.4% to an annual rate of 3.89 million units in June compared to May (CNBC). This is the slowest sales pace since December and a significant decline from the previous year.

Despite these declines, home prices continued to rise, reaching new record highs in June. The median existing-home sales price reached an all-time high of $426,900 (Fox Business). This marks the second consecutive month that prices have hit a new record and the 12th straight month of year-over-year gains.

The reasons for these trends are complex. Affordability pressures, driven in part by rising mortgage rates, are contributing to the decline in sales (Bloomberg, CNBC). At the same time, inventory levels remain low and supply is struggling to keep up with demand (CNBC).

These trends have significant implications for potential home buyers. The market remains challenging for those looking to purchase a home. However, there are signs that the market may be shifting towards more balanced conditions, with inventory levels increasing and sales declining (CNBC). This could provide some relief for buyers in the coming months.

It's important to note that these trends are not limited to any one region or price range. Sales declined across all four major US regions and prices continued to rise in all price categories (ABC Action News).

As always, it's important to be aware of potential biases in the sources used for reporting on these trends. Some sources may be more reliable than others, and it's essential to consider multiple perspectives when evaluating complex economic data.


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Confidence

90%

Doubts
  • It's unclear what specific factors contributed the most to the decline in sales.
  • The sources used for reporting on these trends may have biases that could impact their accuracy.

Sources

96%

The overall score is a weighted number that takes into account conflict of interest, bias, deception and other practices that undermine the credibility of the source. It is calculated as:
(Site Conflicts Of Interest + Author Conflicts Of Interest) / 2.0 * 0.2 + ArticleBiasScore * 0.20 + UniquePointsScore * 0.05 + DeceptionScore * 0.20 + ReadabilityScore * 0.05 + FallacyScore * 0.20

A score that takes into consideration the content for flow, interruptions with ads, and overt search engine optimization techniques that makes the content hard to understand

June home sales slump, pointing to a buyer's market as supply increases

CNBC News Diana Olick Tuesday, 23 July 2024 14:01
  • Unique Points
    • Sales of homes priced over $1 million saw gains over last year
    • The number of for-sale homes in the $200k to $350k price bucket surged by 50% compared to a year ago.
  • Accuracy
    • Sales of homes priced over $1 million saw gains over last year, while the biggest drop in sales was in the $250,000 and lower range.
    • The median listing price is being held down by an influx in smaller and lower-priced listings. The number of for-sale homes in the $200k to $350k price bucket surged by 50% compared to a year ago.
  • Deception (100%)
    None Found At Time Of Publication
  • Fallacies (100%)
    None Found At Time Of Publication
  • Bias (100%)
    None Found At Time Of Publication
  • Site Conflicts Of Interest (100%)
    None Found At Time Of Publication
  • Author Conflicts Of Interest (100%)
    None Found At Time Of Publication

95%

The overall score is a weighted number that takes into account conflict of interest, bias, deception and other practices that undermine the credibility of the source. It is calculated as:
(Site Conflicts Of Interest + Author Conflicts Of Interest) / 2.0 * 0.2 + ArticleBiasScore * 0.20 + UniquePointsScore * 0.05 + DeceptionScore * 0.20 + ReadabilityScore * 0.05 + FallacyScore * 0.20

A score that takes into consideration the content for flow, interruptions with ads, and overt search engine optimization techniques that makes the content hard to understand

Home prices smashed another record in June as sales slump

Fox Business Network Megan Henney Tuesday, 23 July 2024 19:29
  • Unique Points
    • The median existing U.S. home sale price reached a new record high of $426,900 in June, a 4.1% increase from the same time last year.
    • Sales of previously owned homes decreased by 5.4% to an annual rate of 3.89 million units.
    • There was an increase in inventory with about 1.32 million homes for sale, up from the previous month and significantly more than the same time one year ago.
  • Accuracy
    • The median existing U.S. home sale price reached a new record high of $426,900 in June.
  • Deception (85%)
    The article contains editorializing and selective reporting. The author states 'That marks the highest level on record and is the second straight month that prices topped a new high.' This statement implies that the current home price increase is unusual or unexpected, but it does not provide any context or data to support this claim. Additionally, the author quotes Lawrence Yun stating 'Homes are sitting on the market a bit longer, and sellers are receiving fewer offers.' This statement is selectively reported as it only mentions an increase in time homes spend on the market and fewer offers for sellers, but it does not mention that inventory is rising or that this could be a good sign for buyers. The author also states 'Even as the median home price reached a new record high, further large accelerations are unlikely.' This statement implies that the current rate of home price increases is unsustainable or abnormal, but again no context or data is provided to support this claim.
    • Homes are sitting on the market a bit longer, and sellers are receiving fewer offers.
    • Even as the median home price reached a new record high, further large accelerations are unlikely.
    • That marks the highest level on record and is the second straight month that prices topped a new high.
  • Fallacies (100%)
    None Found At Time Of Publication
  • Bias (100%)
    None Found At Time Of Publication
  • Site Conflicts Of Interest (100%)
    None Found At Time Of Publication
  • Author Conflicts Of Interest (100%)
    None Found At Time Of Publication

93%

The overall score is a weighted number that takes into account conflict of interest, bias, deception and other practices that undermine the credibility of the source. It is calculated as:
(Site Conflicts Of Interest + Author Conflicts Of Interest) / 2.0 * 0.2 + ArticleBiasScore * 0.20 + UniquePointsScore * 0.05 + DeceptionScore * 0.20 + ReadabilityScore * 0.05 + FallacyScore * 0.20

A score that takes into consideration the content for flow, interruptions with ads, and overt search engine optimization techniques that makes the content hard to understand

Existing-home sales plummet, but prices continue rising in June

ABC Action News Tim Kephart Tuesday, 23 July 2024 17:58
  • Unique Points
    • Existing home sales decreased by 5.4% in June
    • Median existing-home sales price reached an all-time high of $426,900 in June
    • Sales declined in all four major US regions including the South
    • The months supply of inventory reached its highest level in over 4 years at 4.1 months
  • Accuracy
    No Contradictions at Time Of Publication
  • Deception (70%)
    The author makes editorializing statements such as 'Potential home buyers might be given a reprieve' and 'If prices have peaked and the Federal Reserve cuts interest rates, this could unlock the housing market in much of the nation'. He also uses sensational language like 'plummeted' to describe a 5.4% decrease in sales. The author quotes NAR Chief Economist Lawrence Yun but does not provide any context or fact-checking regarding his statements.
    • If prices have peaked and the Federal Reserve cuts interest rates, this could unlock the housing market in much of the nation.
    • Potential home buyers might be given a reprieve,
  • Fallacies (95%)
    The author makes an appeal to authority by quoting NAR Chief Economist Lawrence Yun. However, this is not a fallacy as the statement is factual and does not contain any error or misrepresentation.
    • ][NAR Chief Economist Lawrence Yun] said even as the median home price reached a new record high, further large accelerations are unlikely.[/]
    • []The months supply of inventory reached its highest level in more than four years.[/]
  • Bias (100%)
    None Found At Time Of Publication
  • Site Conflicts Of Interest (100%)
    None Found At Time Of Publication
  • Author Conflicts Of Interest (100%)
    None Found At Time Of Publication

100%

The overall score is a weighted number that takes into account conflict of interest, bias, deception and other practices that undermine the credibility of the source. It is calculated as:
(Site Conflicts Of Interest + Author Conflicts Of Interest) / 2.0 * 0.2 + ArticleBiasScore * 0.20 + UniquePointsScore * 0.05 + DeceptionScore * 0.20 + ReadabilityScore * 0.05 + FallacyScore * 0.20

A score that takes into consideration the content for flow, interruptions with ads, and overt search engine optimization techniques that makes the content hard to understand

US Home Deals Fell Apart at a Record Rate for June, Redfin Says

Bloomberg News Now Reid Joseph Tuesday, 23 July 2024 19:30
  • Unique Points
    • US home deals were canceled at a record rate of 15% in June 2023.
    • Approximately 56,000 home purchases were canceled last month.
    • This is the highest share of cancellations for June in Redfin’s data since 2017.
  • Accuracy
    No Contradictions at Time Of Publication
  • Deception (100%)
    None Found At Time Of Publication
  • Fallacies (100%)
    None Found At Time Of Publication
  • Bias (100%)
    None Found At Time Of Publication
  • Site Conflicts Of Interest (100%)
    None Found At Time Of Publication
  • Author Conflicts Of Interest (100%)
    None Found At Time Of Publication