US Existing-Home Sales Decline Month-Over-Month and Year-Over-Year in June

On Thursday (7-20-23), the National Association of Realtors® (NAR) reported that total existing home sales—completed transactions for single-family homes, townhomes, condominiums, and co-ops—recorded a 3.3% decline in June from May to a seasonally adjusted rate of 4.16 million homes. Year-over-year, sales are down 18.9% (5.13 million in June 2022).

At the end of June, total housing inventory registered was 1.08 million units, unchanged from May but down 13.5% from one year ago (1.25 million). At the end of the month, unsold inventory was at a 3.1-month supply at the current sales pace, up from 3.0 months in May and 2.9 months in June 2022.

The median existing home price for all housing types in June was $410,200, the second-highest price of all time and down 0.9% from the record-high of $413,800 in June 2022. The monthly median price surpassed $400,000 for the third time, joining June 2022 and May 2022 ($408,600). Prices increased in the Northeast and Midwest but declined in the South and West.

Properties typically remained on the market for 18 days in June, unchanged from May but up from 14 days in June 2022. Seventy-six percent of homes sold in June were on the market for less than a month.