Existing Home Sales Down 1.7% in June

The National Association of Realtors is reporting that existing home sales were down 1.7% in June, which the NAR says is on a similar pace with 2015 levels.  According to their release, total existing-home sales (completed transactions that include single-family homes, townhomes, condominiums and co-ops) dropped 1.7% from May to a seasonally adjusted annual rate of 5.27 million in June.  However, the median existing-home price reached an all-time high of $285,700, up 4.3% from June, 2018 – which marks the 88th straight month of year-over-year gains.   Total housing inventory at the end of June was 1.93 million, representing a 4.4-month supply at the current sales pace.

“…the nation is in the midst of a housing shortage and much more inventory is needed…Imbalance persists for mid-to-lower priced homes with solid demand and insufficient supply, which is consequently pushing up home prices…”  Said Lawrence Yun, the NAR’s chief economist.

Click here to read the full report at the National Association of Realtors.