Existing-home sales fell 5.4% in June to a seasonally adjusted annual rate of 3.89 million, according to the National Association of Realtors (NAR). Sales also declined 5.4% from the previous year (down from 4.11 million in June 2023).
“We’re seeing a slow shift from a seller’s market to a buyer’s market,” said NAR Chief Economist Lawrence Yun. “Homes are sitting on the market a bit longer, and sellers are receiving fewer offers. More buyers are insisting on home inspections and appraisals, and inventory is definitively rising on a national basis.”
Total housing inventory registered at the end of June was 1.32 million units, up 3.1% from May and 23.4% from one year ago (1.07 million). Unsold inventory sits at a 4.1-month supply at the current sales pace, up from 3.7 months in May and 3.1 months in June 2023.
The median existing-home price for all housing types in June was $426,900, an all-time high and an increase of 4.1% from one year ago ($410,100). All four U.S. regions posted price gains.
Distressed sales – foreclosures and short sales – represented 2% of sales in June, unchanged from last month and the previous year.
Read the NAR release.
