Existing-home sales fell 2.7% from May to June to a seasonally adjusted annual rate of 3.93 million, according to the National Association of Realtors. There was no change in sales year over year.
The median existing-home sales price rose 2% year-over-year to $435,300, an all-time high for June and the 24th consecutive month of year-over-year price increases.
“The record high median home price highlights how American homeowners’ wealth continues to grow—a benefit of homeownership. The average homeowner’s wealth has expanded by $140,900 over the past five years,” NAR Chief Economist Lawrence Yun said in a statement.
The inventory of unsold existing homes decreased 0.6% from the previous month to 1.53 million in June. Unsold inventory sits at a 4.7-month supply, up from 4.6 months in May and 4 months in June 2024.
“High mortgage rates are causing home sales to remain stuck at cyclical lows,” Yun said. “If the average mortgage rates were to decline to 6%, our scenario analysis suggests an additional 160,000 renters becoming first-time homeowners and elevated sales activity from existing homeowners.”
Read the full report here.
