All four regions recorded year-over-year sales declines
Key Highlights
- Existing-home sales dropped 3.3% in June to a seasonally adjusted annual rate of 4.16 million. Sales trailed off by 18.9% from one year ago.
- At $410,200, the median existing-home sales price for June was the second-highest price ever recorded since Jan. 1999 when NAR began tracking the data and 0.9% less than the all-time high from one year ago of $413,800.
- It was the third time the monthly median sales price eclipsed $400,000, joining June 2022 and May 2022 ($408,600).
Existing-home sales slipped in June, according to the National Association of Realtors. Sales varied among the four major U.S. regions, with the Northeast experiencing gains, the Midwest holding steady, and the South and West posting decreases.
All four regions recorded year-over-year sales declines.
“The first half the year was a downer for sure with sales lower by 23%,” said NAR Chief Economist Lawrence Yun. “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.”
Total housing inventory registered at the end of June was 1.08 million units, identical to May but down 13.6% from one year ago (1.25 million). Unsold inventory sits at a three-month supply at the current sales pace, up from three months in May and 2.9 months in June 2022.
“There are simply not enough homes for sale,” Yun added. “The market can easily absorb a doubling of inventory.”
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