Existing home sales declined for the fifth consecutive month in June, falling 5.4% from May and 14.2% compared with June 2021, the National Association of Realtors reported.
Existing home sales declined for the fifth consecutive month in June, falling 5.4% from May and 14.2% compared with June 2021, the National Association of Realtors reported.
The median existing home sales prices surged 13.4% year-over-year in June to a record-high $416,000.
“Falling housing affordability continues to take a toll on potential home buyers,” NAR Chief Economist Lawrence Yun said in a statement. “Both mortgage rates and home prices have risen too sharply in a short span of time.”
Regionally, existing home sales dipped 1.6% in the Midwest, 6.2% in the South and 11.1% in the West. Existing home sales in the Northeast were unchanged.
Total inventory at the end of June increased 9.6% from May to 1,260,000. Unsold inventory was at a 3.0-month supply at the current sales pace.
“Finally, there are more homes on the market,” Yun stated. “Interestingly though, the record-low pace of days on market implies a fuzzier picture on home prices. Homes priced right are selling very quickly, but homes priced too high are deterring prospective buyers.”
The full NAR report can be found at this link.