BREAKING: US existing-home sales fell -2.7% MoM in June, to an annual rate of 3.93 million, the lowest in 9 months. Existing-home sales are now near their lowest level in 15 years. By comparison, the pre-pandemic average was ~37% higher. This comes as high mortgage rates are keeping home sales stuck at cyclical lows. Meanwhile, the median sales price rose +2% YoY last month, to a record of $435,300. The housing market remains historically unaffordable.