US Existing-Home Sales Continue to Decline in June

On Tuesday, the National Association of Realtors® (NAR) reported that total existing-home sales—completed transactions for single-family homes, townhomes, condominiums, and co-ops—declined 5.4% month-over-month in June to a seasonally adjusted annual rate of 3.89 million. Year-over-year, sales fell 5.4%—down from 4.11 million in June 2023.

All four regions posted declines. Year-over-year, sales waned in the Northeast, Midwest, and South but were unchanged in the West.

At the end of June, total housing inventory registered was 1.32 million units, up 3.1% from May and 23.4% from one year ago (1.07 million units). Unsold inventory was at a 4.1-month supply at the current sales pace, up from 3.7 months in May and 3.5 months in April. The NAR notes that the last time unsold inventory reached a four-month supply was in May 2020 (4.5 months).

The median existing-home price for all housing types in June was $426,900—the highest price ever recorded and an increase of 1.1% from June 2023 ($410,100). Prices increased in all four regions.

In June, according to the REALTORS® Confidence Index, properties typically remained on the market for 22 days, down from 24 days in May but up from 18 days in June 2023.