After three months of sales declines, existing home sales increased 20.7% in June to a seasonally adjusted annual rate of 4.72 million, the National Association of Realtors reports. Year-over-year, existing home sales are down 11.3%.
After three months of sales declines, existing home sales increased 20.7% in June to a seasonally adjusted annual rate of 4.72 million, the National Association of Realtors reports. Year-over-year, existing home sales are down 11.3%.
“The sales recovery is strong, as buyers were eager to purchase homes and properties that they had been eyeing during the shutdown,” NAR Chief Economist Lawrence Yun stated. “This revitalization looks to be sustainable for many months ahead as long as mortgage rates remain low and job gains continue.”
Regionally, month-over-month existing home sales increased 4.3% in the Northeast; 11.1% in the Midwest; 26.0% in the South; and 31.9% in the West.
The median price for existing homes increased 3.5% compared with June 2019 to $295,300. Inventory at the end of June grew 1.3% from May, but is down 18.2% year-over-year.
The full NAR report can be found here.