Home sales, the tale of two markets

Reflecting little choices and high prices, existing home sales in June totaled 4.16mm, 40k less than expected and down from 4.3mm in May. This level of transactions are around the lowest since 2011. Months’ supply did tick up to 3.1 which compares with 2.9 in June 2022 and 2.5 in June 2021 but part of this is just the lack of transactions. Median home p…