WASHINGTON (July 23, 2024) – According to the National Association of REALTORS®, existing-home sales declined in June as the median sales price reached a record high for the second month in a row. Sales decreased across all four major U.S. regions, with the Northeast, Midwest, and South experiencing year-over-year declines, while the West remained unchanged.
Total existing-home sales, which include single-family homes, townhomes, condominiums, and co-ops, dropped by 5.4% from May to a seasonally adjusted annual rate of 3.89 million in June. Compared to the same time last year, sales also fell by 5.4% from 4.11 million in June 2023.
NAR Chief Economist Lawrence Yun noted, “We’re witnessing a gradual transition from a seller’s market to a buyer’s market. Homes are staying on the market longer, sellers are receiving fewer offers, and more buyers are requesting home inspections and appraisals. Nationally, inventory is definitely on the rise.”
At the end of June, the total housing inventory stood at 1.32 million units, a 3.1% increase from May and a 23.4% increase from last year (1.07 million). The unsold inventory represents a 4.1-month supply at the current sales pace, up from 3.7 months in May and 3.1 months in June 2023. The last time unsold inventory reached a four-month supply was in May 2020 (4.5 months).
The median existing-home price for all housing types in June was $426,900, marking an all-time high and a 4.1% increase from last year ($410,100). All four U.S. regions saw price gains.
Yun added, “Despite the median home price hitting a new record high, significant further increases are unlikely. The supply and demand dynamics are approaching a balanced market condition, with the months supply of inventory at its highest level in over four years.”
For more information, read the original press release from: https://www.nar.realtor/newsroom/existing-home-sales-slipped-5-4-in-june-median-sales-price-jumps-to-record-high-of-426900