Rising sales for homes priced below $500,000 couldn’t prevent a 7% year-to-date decline. New listings in June were higher than last year but eased compared to last month. With 1,264 new listings and 495 sales, the sales-to-new listings ratio fell below 40%, raising inventories across all price ranges. Higher inventory levels pushed the months of supply up to nearly four months. The additional supply weighed on home prices, with the unadjusted benchmark price at $786,800, down from last month and nearly 3% below last June.
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