Existing-home sales were at a seasonally adjusted annual rate of 4.16 million in June, down 3.3% compared with May and down 18.9% compared with June 2022, according to the National Association of Realtors (NAR).
Regionally, and month-over-month, existing-home sales increased 2.0% in the Northeast and were flat in the Midwest, but were down 5.4% in the South and down 5.1% in the West.
NAR includes sales of single-family homes, townhomes, condominiums and co-ops with its results.
The decrease follows a slight month-over-month increase in May.
“The first half of the year was a downer for sure with sales lower by 23%,” says Lawrence Yun, chief economist for NAR, in a statement. “Fewer Americans were on the move despite the usual life-changing circumstances. The pent-up demand will surely be realized soon, especially if mortgage rates and inventory move favorably.”
As of the end of June, there were about 1.08 million existing-homes available for sale, about a 3.1-month supply at the current sales pace.
That’s flat compared with May but down 13.6% from one year ago.
“There are simply not enough homes for sale,” Yun says. “The market can easily absorb a doubling of inventory.”
The median existing-home price for all housing types in June was $410,200, the second-highest price of all time and down 0.9% from the record-high of $413,800 in June 2022.
The monthly median price surpassed $400,000 for the third time, joining June 2022 and May 2022 ($408,600).
Prices rose in the Northeast and Midwest but waned in the South and West.
“Home sales fell but home prices have held firm in most parts of the country,” Yun says. “The national median home price in June was slightly less than the record high of nearly $414,000 in June of last year. Limited supply is still leading to multiple-offer situations, with one-third of homes getting sold above the list price in the latest month.”
Photo: Breno Assis