<p>Sales of previously owned homes dropped more than expected in June, <a href="https://www.nar.realtor/newsroom/nar-existing-home-sales-report-shows-2-7-decrease-in-june">according</a> to the National Association of Realtors (NAR).</p>
<p>Home sales fell 2.7% from May, lower than the 0.7% drop predicted by analysts, CNBC News reported. Sales fell to a seasonally adjusted rate of 3.93 million. There was no year-over-year change in home sales.</p>
<p>&#8220;High mortgage rates are causing home sales to remain stuck at cyclical lows,&#8221; NAR Chief Economist Lawrence Yun said in a statement. &#8220;If the average mortgage rates were to decline to 6%, our scenario analysis suggests an additional 160,000 renters becoming first-time homeowners and elevated sales activity from existing homeowners.&#8221;</p>
<p>The drop in home sales comes as President Donald Trump continues pushing Federal Reserve Chair Jerome Powell to lower interest rates.</p>
<p>&#8220;Housing in our Country is lagging because Jerome &#8216;Too Late&#8217; Powell refused to lower Interest Rates,&#8221; Trump <a href="https://truthsocial.com/@realDonaldTrump/posts/114902704048179740">posted</a> on Truth Social. &#8220;Families are being hurt because Interest Rates are too high, and even our Country is having to pay a higher Rate than it should be because of &#8216;Too Late.&#8217; Our Rate should be three points lower than they are, saving us $1 Trillion per year (as a country). This stubborn guy at the Fed just doesn&#8217;t get it — Never did, and never will. The Board should act, but they don&#8217;t have the Courage to do so!&#8221;</p>
<p>Meanwhile, median existing-home prices reached a record high of $435,300, &#8220;the 24th consecutive month of year-over-year price increases,&#8221; according to Yun.</p>
<p>&#8220;Multiple years of undersupply are driving the record high home price,&#8221; Yun continued. &#8220;Home construction continues to lag population growth. This is holding back first-time home buyers from entering the market. More supply is needed to increase the share of first-time homebuyers in the coming years even though some markets appear to have a temporary oversupply at the moment.&#8221;</p>
<p>The average 30-year fixed-rate mortgage is 6.75% as of July 17, the NAR report said. The rate marks an increase from 6.72% the previous week but a decrease from 6.77% the previous year.</p>
<p>&#8220;Expanding participation in the housing market will increase the mobility of the workforce and drive economic growth,&#8221; Yun said. &#8220;If mortgage rates decrease in the second half of this year, expect home sales to increase across the country due to strong income growth, healthy inventory, and a record-high number of jobs.&#8221;</p>
<p>The Federal Reserve has resisted lowering interest rates, citing concerns that Trump&#8217;s tariff policies will increase inflation. Inflation <a href="https://www.dailywire.com/news/inflation-creeps-up-as-trump-prepares-major-tariff-rollout">rose</a> 2.7% year-over-year in June, slightly more than expected. The Fed is reportedly <a href="https://www.dailywire.com/news/trump-drafted-letter-to-fire-fed-reserve-chair-but-says-were-not-planning-on-doing-it?author=Zach+Jewell&amp;category=News&amp;elementPosition=undefined&amp;row=0&amp;rowType=Vertical+List&amp;title=Trump+Drafted+Letter+To+Fire+Fed+Reserve+Chair%2C+But+Says+%E2%80%98We%E2%80%99re+Not+Planning+On+Doing+It%E2%80%99">not considering</a> lowering interest rates at its July meeting.</p>

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June Home Sales Drop Below Expectations As Trump Calls For Lower Interest Rates