Existing home sales fell for the fourth straight month in June due to lingering high mortgage rates and record-high prices, according to the National Association of Realtors. Although low resale inventory continued to push prices to another record high, the months’ supply of inventory continued to increase and reached its highest level since May 2020. Improving inventory and moderating mortgage rates are likely to ease home price growth in the months ahead. Homeowners with lower mortgage rates have opted to stay put, avoiding trading in for higher rates. …Total existing home sales, including single-family homes, townhomes, condominiums, and co-ops, fell 5.4% to a seasonally adjusted annual rate of 3.89 million in June, the lowest level since December 2023 (as shown below). On a year-over-year basis, sales were also 5.4% lower than a year ago.