Existing-Home Sales Rise 20.7% in June

The National Association of Realtors® (NAR) is reporting that total existing-home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 20.7% from May to a seasonally adjusted annual rate of 4.72 million in June. Sales overall, however, dipped year-over-year, down -11.3% from a year ago (5.32 million in June 2019). Total housing inventory at the end of June totaled 1.57 million units, up 1.3% from May but down year-over-year by 18.2%. At the current pace of sales unsold inventory is at a 4.0-month supply, down from 4.8 in May. In prepared remarks, Lawrence Yun, NAR’s chief economist said, “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.”