The median price for existing homes in June was $363,300, a 23.4% surge year-over-year—the second-highest level recorded since January 1999, the National Association of Realtors reported.
Existing home sales increased 1.4% in June to a seasonally adjusted annual rate of 5.86 million. Year-over-year, existing home sales increased 22.9%. Homes on the market typically sold in 17 days, and 89% of homes sold in June were on the market for less than a month, according to NAR.
“Supply has modestly improved in recent months due to more housing starts and existing homeowners listing their homes, all of which has resulted in an uptick in sales,” NAR Chief Economist Lawrence Yun said in a statement. “Home sales continue to run at a pace above the rate seen before the pandemic.”
“At a broad level, home prices are in no danger of a decline due to tight inventory conditions, but I do expect prices to appreciate at a slower pace by the end of the year,” Yun added. “Ideally, the costs for a home would rise roughly in line with income growth, which is likely to happen in 2022 as more listings and new construction become available.”
Regionally, month-over-month existing home sales increased 2.8% in the Northeast, 3.1% in the Midwest, 1.7% in the West, and were unchanged in the South. All regions saw double-digit sales growth compared with June 2020.
The full NAR report can be found here.
