Existing home sales fell by 5.4% in June, marking the fourth consecutive monthly decrease and the steepest drop since November 2022.

Meanwhile, the portion of income spent on mortgage payments increased to 36.7% in July, and a record 6.7% of homes saw price reductions in the past month.

The median house sale price remains high at $396,379, and the national average 30-year mortgage rate stands at 6.91%.

Upcoming June PCE Inflation data will be released on Friday.