Episode Details

Existing-home sales dipped 2.4% in June, but the real story, according to NAR’s Lawrence Yun, is that the market’s been stagnant for nearly four years—like 2008, but without the foreclosure crisis. Foreclosures now make up just 2% of transactions, signaling a different kind of freeze. While the record median home price of $446,000 boosts homeowners’ wealth, it’s a major affordability hurdle for first-time buyers. Price gains are concentrated at the high end—sales over $1M jumped 18%, while under $100K dropped. Inventory is up only 1.3%, far too little to ease pressure. Yun also warns that initial sales data often overstates the market, and actual closings—not pending deals—are what matter economically.

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