The National Association of Realtors is reporting that existing home sales were down 5.4% in June to a seasonally-adjusted annual rate of 3.89 million – and down 5.4% year over year. Total housing inventory at the end of June was 1.32 million units, up 3.1% from May and up 23.4% from one year ago. Unsold inventory sits at a 4.1-month supply at the current sales rate with properties remaining on the market for around 22 days. The median existing-home price for all housing types in June was $426,900 – the second straight month it reached an all-time high and the twelfth consecutive month of year-over-year price gains.
“Even as the median home price reached a new record high, further large accelerations are unlikely…Supply and demand dynamics are nearing a balanced market condition. The months supply of inventory reached its highest level in more than four years.” Said NAR Chief Economist Lawrence Yun.
Click here to read the full report at the National Association of Realtors.
