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NBC News
6 days ago
- Business
- NBC News
U.S. home sales fade in June as national median sales price hits an all-time high of $435,300
LOS ANGELES (AP) — Sales of previously occupied U.S. homes slid in June to the slowest pace since last September as mortgage rates remained elevated and the national median sales price rose to an all-time high of $435,300. Sales of previously occupied U.S. homes slid in June to the slowest pace since last September as mortgage rates remained elevated and national median sales prices hit unprecedented levels. Existing home sales fell 2.7% last month from May to a seasonally adjusted annual rate of 3.93 million units, the National Association of Realtors said Wednesday. Sales were flat compared with June last year. The latest home sales fell short of the 4.01 million pace economists were expecting, according to FactSet. Home prices increased on an annual basis for the 24th consecutive month to reach record heights. The U.S. housing market has been in a slump since early 2022, when mortgage rates began to climb from pandemic-era lows. Home sales fell last year to their lowest level in nearly 30 years. Sluggish home sales led to a lackluster spring homebuying season, traditionally the busiest period of the year for the housing market. Stubbornly high mortgage rates and rising prices have intensified the hardships for would-be homebuyers who had already been pummeled by a real estate market that overheated during the pandemic. And while the number of homes on the market has increased sharply from a year ago, it remains well below normal levels, meaning prices continue to rise even as sales slow. 'The second half of the year really depends on what happens with mortgage rates,' said Lawrence Yun, NAR's chief economist. High mortgage rates can add hundreds of dollars a month in costs for borrowers, limiting their purchasing power. So far this year, the average rate on a 30-year mortgage has remained relatively close to 7%, according to mortgage buyer Freddie Mac. Homes purchased last month likely went under contract in May and June, when the average rate on a 30-year mortgage ranged from 6.76% to 6.89%. Yun estimates that if the average rate on a 30-year mortgage were to fall to 6% that would lead to an additional roughly half-million more homes sold. 'If the mortgage rate remains stuck at this level, we are essentially looking at very small changes in our home sales and home price condition, but if the mortgage rate was to drop, we know there will be a more meaningful increase in sales,' he said. The housing market's affordability crunch is keeping many aspiring first-time homebuyers on the sidelines. They accounted for 30% of homes sales last month, unchanged from May, NAR said. Historically, they made up 40% of home sales. Home shoppers who can afford to buy at current mortgage rates or pay in cash are benefiting from more properties on the market. There were 1.53 million unsold homes at the end of last month, down 0.6% from May, but up nearly 16% from June last year, NAR said. That's still well below the roughly 2 million homes for sale that was typical before the pandemic, however. June's month-end inventory translates to a 4.7-month supply at the current sales pace, up from a 4.6-month pace at the end of May and 4 months in June last year. Traditionally, a 5- to 6-month supply is considered a balanced market between buyers and sellers. Homes for sale are staying on the market longer as sales remain in the doldrums. Properties typically remained on the market for 27 days last month before selling, up from 22 days in June last year, NAR said. The housing market slowdown isn't all bad, if you're a home shopper who can afford to buy. In June, some 20.7% of homes listed for sale had their price reduced, the highest share for the month of June going back to at least 2016, according to Increasingly, however, many sellers are opting to pull their home off the market rather than lower prices. The number of properties taken off the market without having sold jumped 47% in May from a year earlier, according to
6 days ago
- Business
US home sales fall in June as prices soar to new heights
LOS ANGELES -- Sales of previously occupied U.S. homes slid in June to the slowest pace since last September as mortgage rates remained elevated and national median sales prices hit unprecedented levels. Existing home sales fell 2.7% last month from May to a seasonally adjusted annual rate of 3.93 million units, the National Association of Realtors said Wednesday. Sales were flat compared with June last year. The latest home sales fell short of the 4.01 million pace economists were expecting, according to FactSet. Home prices increased on an annual basis for the 24th consecutive month. The national median sales price rose 2% in June from a year earlier to $435,300, an all-time high. The U.S. housing market has been in a slump since early 2022, when mortgage rates began to climb from pandemic-era lows. Home sales fell last year to their lowest level in nearly 30 years. So far this year, the average rate on a 30-year mortgage has remained relatively close to 7%, according to mortgage buyer Freddie Mac. Homes purchased last month likely went under contract in May and June, when the average rate on a 30-year mortgage ranged from 6.76% to 6.89%. High mortgage rates can add hundreds of dollars a month in costs for borrowers, limiting their purchasing power. The trend is a key reason for why this year's spring homebuying season has been a bust. 'The second half of the year really depends on what happens with mortgage rates,' said Lawrence Yun, NAR's chief economist. The affordability constraints are limiting the activity of first-time buyers. They accounted for 30% of homes sales last month, unchanged from May. Historically, they made up 40% of home sales. Home shoppers who can afford to buy at current mortgage rates or pay in cash are benefiting from more properties on the market. There were 1.53 million unsold homes at the end of last month, down 0.6% from May, but up nearly 16% from June last year, NAR said. That's still well below the roughly 2 million homes for sale that was typical before the pandemic, however. June's month-end inventory translates to a 4.7-month supply at the current sales pace, up from a 4.6-month pace at the end of May and 4 months in June last year. Traditionally, a 5- to 6-month supply is considered a balanced market between buyers and sellers. Homes for sale are staying on the market longer as sales remain in the doldrums. Properties typically remained on the market for 27 days last month before selling, up from 22 days in June last year, NAR said.
TimesLIVE
14-07-2025
- Business
- TimesLIVE
Unemployed man wins R19.4m lotto jackpot, vows to uplift family, friend and community
An unemployed lotto player who won more than R19.4m in the lotto plus 2 jackpot plans to change his family's lives and help a friend. Upon realising his win, he was thrilled to share the news with his wife and is eager to transform his life and the lives of those around him. 'I also plan to help a former colleague who holds a special place in my heart,' he said. Ithuba, the operator of the National Lottery, said the man claimed his winnings of R19,435,068.10 from last week's Wednesday draw. He bought his ticket on a banking app with a R30 wager, using the quick pick selection method. The unemployed man attributed his luck to his persistence and belief that he would win one day. 'I have always believed I would win one day and now it has happened. 'I found out I had won through my bank and checked the results on the National Lottery app and I was shocked.' He wanted to make an impact on his family's wellbeing, grateful that he can now provide for their every need. He also plans to donate a portion of his winnings to charitable organisations and invest some of his winnings to create a sustainable source of income that will allow him to enjoy life's pleasures such as leisurely walks by the beach. Ithuba CEO Charmaine Mabuza congratulated the winner. 'It's inspiring to see a winner who is committed to transforming not only his own life but also the lives of those around him; his family, friends and the community. When managed wisely, a multimillion jackpot win can rewrite the future for many people.'
IOL News
11-07-2025
- Business
- IOL News
Heads up Pretoria residents, two people in your city have won the Lotto!
Two Pretoria residents are now millions richer! Image: Karen Sandison/Independent Media Two Pretoria residents have struck it rich after winning their shares in Wednesday night's Lotto draw. Ithuba announced that the first winner who has won the R8,356,457.60 LOTTO jackpot from draw number 2557, bought their ticket at a Shoprite Checkers store in Pretoria with aR70 wager using the Quick Pick selection method. "The second winner has won the R19,435,068.10 LOTTO PLUS 2 jackpot with a ticket bought on their banking app with a R30 wager, using the QuickPick selection method," Ithuba said in a statement. Ithuba CEO, Charmaine Mabuza, extended her congratulations to the two new multi-millionaires. "The two winners, utilised different platforms to play in this draw which showcases the National accessibility and user-friendly platforms that make it possible for players from all walks of life to participate and win. "Whether you're a tech-savvy player who prefers to play digitally or someone who enjoys the traditional experience of buying tickets at a local store, the National Lottery caters to diverse needs and preferences," she added. Mabuza encouraged the in-store participants in the Pretoria area to check their tickets. "For the player who played through a banking app, their bank would have already notified them," she said. All winners have 365 days from the draw date to claim their winnings, and all National Lottery winnings are tax-free. Participants can check their tickets at retail stores or on-line through the National Lottery website or social media pages as there are more winners in other divisions. IOL
India Today
24-06-2025
- Sport
- India Today
Shubman Gill upfront and honest after losing Leeds Test: Young team will improve
Every new era in cricket needs a strong start—a solid first brick in the foundation. For Shubman Gill, that first Test as India's new red-ball captain ended in disappointment, as England chased down 371 in Leeds to take a 1-0 lead in the five-match series. But despite the setback, Gill remained composed in his post-match presentation, offering a candid assessment of where things went wrong for his were not outplayed across all five days. In fact, for large parts of the game, they held the upper hand. Five different Indian batters notched up centuries—Gill himself, Yashasvi Jaiswal, KL Rahul, and a sensational twin hundreds by Rishabh Pant. But the problem lay in what happened between those moments of vs IND 1st Test Day 5: Highlights In both innings, India collapsed dramatically after being in dominant positions. From 430/3 in the first innings, they lost their last seven wickets for just 41 runs. In the second innings, it was 287/3 at one point, but the final total read 364. The inability of the middle and lower order to capitalise proved after the match, Gill acknowledged this pattern. He noted that India were in commanding positions in both innings but failed to finish strong. He admitted that they had to address the issue going into the second we were thinking we'd get to around 430–435 and then look to declare. But unfortunately, our last six wickets added only around 20–25 runs, which is never ideal. Even today, after their brilliant opening partnership, I felt we had our chances — things just didn't go our way in this match," Gill fielding also left much to be desired. The team dropped multiple catches across both innings—six in total—with Yashasvi Jaiswal putting down four himself. One of them came when Ben Duckett was on 97; he went on to score 149 and win the Player of the Match did not shy away from addressing this. He admitted that the team needs to improve in the field and take their chances, especially on crucial final-day pitches where one missed opportunity can turn the game."While we dropped a few catches and our lower order didn't contribute as much as we would have liked, I'm still really proud of the overall effort we put in," Gill loss was made tougher by the fact that England's 371-run chase was their second-highest successful fourth-innings pursuit in Test history—and the highest ever at Headingley. Zak Crawley and Duckett's 188-run opening stand set the tone, and India's bowlers, including star names like Jasprit Bumrah and Mohammed Siraj, struggled to make Gill wasn't overly critical. He acknowledged that the side was young and learning, and believed they would improve with time. Despite the early loss, his leadership tone was mature, focused on growth rather than blame."Chances don't come easy, especially on wickets like this. And we did drop quite a few. But this is a young team — we're still learning. Hopefully, in the next matches, we'll be able to improve in those areas," he captaincy may not have started with a win, but his calm, clear-headed reflections gave a glimpse into his potential as a long-term leader. The road ahead is long—and for Gill and India, this may just be the tough lesson they needed to set the tone right.- Ends
