The National Association of Realtors is reporting that existing home sales were down 3.3% in June to a seasonally-adjusted annual rate of 4.16 million (down 18.9% year over year). Total housing inventory at the end of June was 1.08 million units, the same as May but down 13.6% from one year ago. Unsold inventory sits at a 3.1-month supply at the current sales rate with properties remaining on the market for around 18 days. The median existing-home price for all housing types in June was $410,200, down 0.9% from one year ago.
“The first half of the year was a downer for sure with sales lower by 23%…Fewer Americans were on the move despite the usual life-changing circumstances. The pent-up demand will surely be realized soon, especially if mortgage rates and inventory move favorably.” Said the NAR’s Chief Economist Lawrence Yun.