Existing-home sales decreased 5.4% in June compared with May to a seasonally adjusted annual rate of 3.89 million, according to the National Association of Realtors (NAR).
Year-over-year, existing-home sales were down 5.4%.
The median existing-home sales price increased 4.1% in June compared with June 2023 to $426,900. It was the second straight month the median home price reached an all-time high and the 12th consecutive month of year-over-year price gains, NAR says.
Total housing inventory registered at the end of June was 1.32 million units, up 3.1% from May and 23.4% from one year ago.
That’s about a 4.1-month supply at the current sales pace.
Regionally, and year-over-year, sales waned in the Northeast, Midwest and South but were unchanged in the West.
“We’re seeing a slow shift from a seller’s market to a buyer’s market,” says Lawrence Yun, chief economist for NAR, in a statement. “Homes are sitting on the market a bit longer, and sellers are receiving fewer offers. More buyers are insisting on home inspections and appraisals, and inventory is definitively rising on a national basis.”
Regionally, and month over month, existing-home sales fell 2.1% in the Northeast; 8% in the Midwest; 5.9% in the South; and 2.6% in the West.
“Even as the median home price reached a new record high, further large accelerations are unlikely,” Yun adds. “Supply and demand dynamics are nearing a balanced market condition. The months supply of inventory reached its highest level in more than four years.”
Photo: Gustavo Zambelli