US existing home sales slumped for the fourth straight month in June, plunging a worse than expected 5.4% MoM (the worst MoM drop since Nov 2022) and dragging sales down 5.4% YoY...

Source: Bloomberg

Notably, existing home sales have not risen on a YoY basis since July 2021, with the SAAR total back below 4mm, near COVID lockdown lows...

Source: Bloomberg

The only segment of the market that saw sales rise the $1 million-plus cohort - which saw sales rise 3.6% YoY...

Source: Bloomberg

Meanwhile, the median home price rose 4.1% from last year to $426,900...

Source: Bloomberg

That's a new record high median price for existing homes in the US... and once again above the median price for a new home...

Source: Bloomberg

...so much for the hopes of a rate cut?