BREAKING: The median sale price of existing US homes increased +2.2% YoY in June to a record $408,776. San Francisco led the increase at +9.2% YoY, followed by Pittsburgh at +9.1%, and West Palm Beach at +8.6%, with luxury purchases driving much of the gain. San Francisco and West Palm Beach also recorded the largest increases in closed home sales, rising +23.8% and +23.1% respectively, pointing to a sharp pickup in market activity. This comes as homebuying demand strengthened heading into the summer, with existing home sales rising +4.2% YoY, to a seasonally adjusted annual rate of ~4.4 million in June, the highest since November 2022. At the same time, new listings fell -0.8% MoM, to 377,000, their lowest level since December. US housing affordability is deteriorating again.