Existing home sales dropped 2.4% in June.
But prices hit an all time high of $440,600.
That's the 36th straight month of price gains.
Mortgage rates swung from 6.43% to 6.68% in just one week.
Buyers are moving in bursts, not steady momentum.
The real problem? Inventory fell to just 1.56 million units.
That's a 4.6 month supply.
Without more listings hitting the market, prices will keep accelerating faster than wages can keep up.
First time buyers dropped to 33% of all transactions.
Cash buyers are down to 25% from 29% last year.
The affordability index improved to 102.3, up from 95.5 a year ago.
But wage growth can only carry us so far if inventory stays this tight.
If you've been sitting on the fence about selling, your equity position might surprise you.
And if you're buying, we need to move strategically in these rate windows.
DM me directly and I'll walk you through what this means for your specific situation.
