Existing-home sales decreased by 2.7% in June to a seasonally adjusted annual rate of 3.93 million. No change in sales from one year ago. Month-over-month, sales declined in the Northeast, Midwest and South and rose modestly in the West.
“Multiple years of undersupply are driving the record high home price. Home construction continues to lag population growth. This is holding back first-time home buyers from entering the market. More supply is needed to increase the share of first-time homebuyers in the coming years even though some markets appear to have a temporary oversupply at the moment.”
Total housing inventory registered at the end of June was 1.53 million units, down 0.6% from May and increased 15.9% from one year ago (1.32 million). Unsold inventory sits at a 4.7-month supply at the current sales pace, up from 4.6 months in May and 4 months in June 2024.
The median existing-home price for all housing types in June was $435,300, up 2% from one year ago ($426,900). A record high for the month of June, and the 24th consecutive month of year-over-year price increases.
Distressed sales, foreclosures and short sales, represented 3% of sales in June, unchanged from May and up slightly from 2% the prior year.
Read the NAR release.
