Existing-home sales rose by a record 20.7% in June to a seasonally adjusted annual rate of 4.72 million, according to the National Association of Realtors (NAR). Sales are significantly lower year-over-year, down 11.3% from June 2019 (5.32 million).
Lawrence Yun, NAR’s chief economist, is optimistic that home sales will continue to rise as the economy reopens in the upcoming months. “The sales recovery is strong, as buyers were eager to purchase homes and properties that they had been eyeing during the shutdown. This revitalization looks to be sustainable for many months ahead as long as mortgage rates remain low and job gains continue.”
The total housing inventory was 1.57 million units, up 1.3% from May but down 18.2% from 1.92 million a year ago. The median home price was $295,300, up 3.5% from June 2019. This increase marks the 100th straight month of year-over-year gains.
Distressed sales were 3% of the total, unchanged from last month but up from 2% in June 2019.
Read the NAR release.