Existing home sales in the United States plunged 5.4% in June 2024 from the previous month, marking the steepest monthly drop since November 2022. This decline is attributed to heightened buyer apprehension, as the median sales price reached a record high for the second consecutive month.

In June 2024, sales totaled 3.89 million units, a decrease from 4.11 million in May, according to data released Tuesday by the National Association of Realtors (NAR). Year-over-year, sales also fell by 5.4%.

The median existing-home price for all housing types in June was $426,900, an all-time high and an increase of 4.1% from $410,100 a year ago.

Total housing...