US: Existing home sales decreased by 0.6% in June to miss the market expectation of +0.5%

"Existing-home sales decreased for the third straight month in June, as declines in the South and West exceeded sales gains in the Northeast and Midwest," the National Association of Realtors reported on Monday.

Key takeaways from the official press release

•  The ongoing supply and demand imbalance helped push June’s median sales price to a new all-time high.
• There continues to be a mismatch since the spring between the growing level of homebuyer demand in most of the country in relation to the actual pace of home sales, which are declining.
• The root cause is without a doubt the severe housing shortage that is not releasing its grip on the nation’s housing market. 
• The median existing-home price2 for all housing types in June was $276,900, surpassing last month as the new all-time high and up 5.2 percent from June 2017 ($263,300).