US Existing-Home Sales Decline 2.7% in June
NAR Existing-Home Sales Report Shows 2.7% Decrease in June
On Wednesday, the National Association of Realtors (NAR) reported that total existing-home sales—which include completed transactions for single-family homes, townhomes, condominiums, and co-ops—declined 2.7% in June to a seasonally adjusted annual rate of 3.93 million. Year-over-year, sales remained unchanged.
Sales fell in the Northeast, Midwest, and South, while rising modestly in the West. Compared to a year ago, sales decreased in the Northeast and West but increased in the Midwest and South.
At the end of June, total housing inventory stood at 1.53 million units, down 0.6% from May but up 15.9% from 1.32 million units in June 2024. The supply of unsold homes rose slightly to a 4.7-month supply at the current sales pace, compared to 4.6 months in May and 4.0 months in June 2024.
The median existing-home price for all housing types in June was $435,300—up 2.0% from $426,900 one year earlier. This marks a record high for June and the 24th consecutive month of year-over-year price gains.
According to the monthly REALTORS® Confidence Index, properties typically stayed on the market for 27 days in June, unchanged from May but longer than the 22 days recorded in June 2024.
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