Existing-home sales dropped 3.3% in June to a seasonally adjusted annual rate of 4.16 million, according to the National Association of Realtors (NAR). Sales fell year-over-year, down 18.9% from June 2022. First-time buyers were responsible for 27% of sales in June. down from 28% in May.
“The first half of the year was a downer for sure with sales lower by 23%,” said NAR Chief Economist Lawrence Yun. “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.”
Total housing inventory registered at the end of June was 1.08 million units, identical to May but down 13.6% from one year ago (1.25 million).
The median existing-home price for all housing types in June was $410,200, the second-highest price of all time and down 0.9% from the record-high of $413,800 in June 2022. Prices grew in the Northeast and Midwest but fell in the South and West.
Distressed sales – foreclosures and short sales – represented 2% of sales in June, virtually unchanged from last month and the prior year.
Read the NAR release.