Existing home sales declined 3.3% in June to a seasonally adjusted annual rate of 4.16 million, according to the National Association of Realtors. Compared with June 2022, existing home sales were down 18.9%.
The median existing home sales price for June was the second-highest ever recorded at $410,200 (the record was set in June 2022 at $413,800).
Total housing inventory in June was down 13.6% compared with June 2022.
“There are simply not enough homes for sale,” NAR’s Chief Economist Lawrence Yun said in a statement. “The market can easily absorb a doubling of inventory.”
Regionally, existing home sales increased 2.0% in the Northeast and fell 5.4% and 5.1% in the South and West respectively. Existing home sales were unchanged in the Midwest compared with May.
The full NAR report can be found here.
