According to the National Association of REALTORS, existing-home sales decreased in June while the median sales price increased to the highest amount ever recorded for the second consecutive month. Sales decreased in all four of the major U.S. regions. Sales decreased in the Northeast, Midwest, and South compared to the previous year, but remained steady in the West.
Completed transactions involving single-family homes, townhomes, condominiums, and cooperatives comprised the total existing-home sales, which fell 5.4% from May to a seasonally adjusted annual rate of 3.89 million in June. Sales decreased 5.4% from the previous year (down from 4.11 million in June 2023).
“We’re seeing a slow shift from a seller’s market to a buyer’s market,” said Lawrence Yun, Chief Economist at NAR. “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.”
June Inventory Sees Record-High Home Prices Across All Unit Types
As of the end of June, there were 1.32 million units in the total housing inventory, up 3.1% from May and 23.4% from the same time last year (1.07 million). At the current sales pace, unsold inventory is sitting at a 4.1-month supply, up from 3.7 months in May 2023 and 3.1 months in June 2023. In May 2020 (4.5 months), unsold inventory last reported a four-month supply.
June saw an all-time high of $426,900 for the median existing-home price across all dwelling types, up 4.1% from the previous year ($410,100). Price increases were observed in all four U.S. regions.
“Even as the median home price reached a new record high, further large accelerations are unlikely,” Yun said. “Supply and demand dynamics are nearing a balanced market condition. The months supply of inventory reached its highest level in more than four years.”
To read the full report, including more data and methodology, click here.
