Yahoo Finance | EN590 Commodities
EN590 Commodities GroupMarket Analysis 2026-07-09T14:12:43+00:00
Home sales underwhelmed in June, a fresh sign of how sensitive buyers and sellers are to small changes in mortgage rates and affordability as prices hit fresh all-time highs. Sales of existing homes dropped 2.4% from May to a seasonally adjusted annual rate of 4.09 million, according to National Association of Realtors data released on Thursday. Economists were expecting a modest increase to 4.2 million. The monthly fluctuations are likely explained by recent mortgage rate volatility, NAR chief economist Lawrence Yun said. June's buyers likely locked in their rates in April or May, shortly after average 30-year mortgage rates rapidly climbed from around 6% to 6.5% in response to the oil shock and the Iran war. Compared to last year — when mortgage rates were even higher — sales improved 2.
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