Existing Homes Sales Decline Month-Over-Month and Year-Over-Year in June

The National Association of Realtors® (NAR) on Wednesday (7-20-22) reported that total existing home sales, which are completed transactions for single-family homes, townhomes, condominiums, and co-ops, declined in three out of the four reporting regions in June. Sales were down by 5.4% from May to a seasonally adjusted rate of 5.12 million homes. This marks the fifth consecutive month of declining existing home sales. Year-over-year sales are down 14.2% (5.97 million in June 2021).

At the end of June, unsold inventory of existing homes increased to 1.26 million units. Based on the current rate of sales, that is the equivalent of a 3.0-month supply, which is up from 2.6 months in May 2022 and up year-over-year from the June 2021 rate of 2.5 months.

The median existing-home price for all housing types in June was $416,000, up 13.4% from June 2021 ($366,900), as prices increased in all four regions. This marks 124 consecutive months of year-over-year increases, the longest-running streak on record.

In June, properties typically remained on the market for 14 days. This is down from 16 days in May 2022 and 17 days in June 2021. The 14 days on the market are the fewest days since NAR began tracking it in May 2011. Eighty-eight percent of the home sold in June 2022 were on the market for less than a month.