{"id":6434,"date":"2024-07-23T21:48:04","date_gmt":"2024-07-23T21:48:04","guid":{"rendered":"https:\/\/realestateagentmagazine.com\/?p=6434"},"modified":"2024-07-23T21:48:04","modified_gmt":"2024-07-23T21:48:04","slug":"existing-home-sales-slipped-5-4-in-june-median-sales-price-jumps-to-record-high-of-426900","status":"publish","type":"post","link":"https:\/\/realestateagentmagazine.com\/existing-home-sales-slipped-5-4-in-june-median-sales-price-jumps-to-record-high-of-426900","title":{"rendered":"Existing-Home Sales Slipped 5.4% in June; Median Sales Price Jumps to Record High of $426,900"},"content":{"rendered":"

Existing-home sales faded 5.4% in June to a seasonally adjusted annual rate of 3.89 million. Sales also slumped 5.4% from one year ago.<\/em>
\nThe median existing-home sales price bounced 4.1% from June 2023 to $426,900 \u2013 the second straight month it reached an all-time high and the twelfth consecutive month of year-over-year price gains.<\/em>
\nThe inventory of unsold existing homes rose 3.1% from the previous month to 1.32 million at the end of June, or the equivalent of 4.1 months\u2019 supply at the current monthly sales pace.<\/em><\/p>\n

WASHINGTON, D.C.\u2014Existing-home sales fell in June as the median sales price climbed to the highest price ever recorded for the second consecutive month, according to the National Association of Realtors\u00ae. All four major U.S. regions posted sales declines. Year-over-year, sales waned in the Northeast, Midwest and South but were unchanged in the West.<\/p>\n

Total existing-home sales\u2013 completed transactions that include single-family homes, townhomes, condominiums and co-ops \u2013 receded 5.4% from May to a seasonally adjusted annual rate of 3.89 million in June. Year-over-year, sales also dropped 5.4% (down from 4.11 million in June 2023).<\/p>\n

\u201cWe\u2019re seeing a slow shift from a seller\u2019s market to a buyer\u2019s market,\u201d said NAR Chief Economist Lawrence Yun. \u201cHomes are sitting on the market a bit longer, and sellers are receiving fewer offers. More buyers are insisting on home inspections and appraisals, and inventory is definitively rising on a national basis.\u201d<\/p>\n

Total housing inventory registered at the end of June was 1.32 million units, up 3.1% from May and 23.4% from one year ago (1.07 million). Unsold inventory sits at a 4.1-month supply at the current sales pace, up from 3.7 months in May and 3.1 months in June 2023. The last time unsold inventory posted a four-month supply was May 2020 (4.5 months).<\/p>\n

The median existing-home price for all housing types in June was $426,900, an all-time high and an increase of 4.1% from one year ago ($410,100). All four U.S. regions registered price gains.<\/p>\n

\u201cEven as the median home price reached a new record high, further large accelerations are unlikely,\u201d Yun added. \u201cSupply and demand dynamics are nearing a balanced market condition. The months supply of inventory reached its highest level in more than four years.\u201d<\/p>\n

REALTORS\u00ae Confidence Index<\/p>\n

According to the monthly REALTORS\u00ae Confidence Index, properties typically remained on the market for 22 days in June, down from 24 days in May but up from 18 days in June 2023.<\/p>\n

First-time buyers were responsible for 29% of sales in June, down from 31% in May but up from 27% in June 2023. NAR\u2019s 2023 Profile of Home Buyers and Sellers \u2013 released in November 2023[4] \u2013 found that the annual share of first-time buyers was 32%.<\/p>\n

All-cash sales accounted for 28% of transactions in June, unchanged from May and up from 26% one year ago.<\/p>\n

Individual investors or second-home buyers, who make up many cash sales, purchased 16% of homes in June, identical to May and down from 18% in June 2023.<\/p>\n

Distressed sales \u2013 foreclosures and short sales \u2013 represented 2% of sales in June, unchanged from last month and the previous year.<\/p>\n

Mortgage Rates<\/h2>\n

According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.77% as of July 18. That\u2019s down from 6.89% one week ago and 6.78% one year ago.<\/p>\n

Single-family and Condo\/Co-op Sales<\/p>\n

Single-family home sales retracted to a seasonally adjusted annual rate of 3.52 million in June, down 5.1% from 3.71 million in May and 4.3% from the prior year. The median existing single-family home price was $432,700 in June, up 4.1% from June 2023.<\/p>\n

Existing condominium and co-op sales tumbled 7.5% in June to a seasonally adjusted annual rate of 370,000 units, down 14% from one year ago (430,000 units). The median existing condo price was $371,700 in June, up 2.6% from the previous year ($362,200).<\/p>\n

Regional Breakdown<\/h2>\n

Existing-home sales in the Northeast in June withdrew 2.1% from May to an annual rate of 470,000, a decline of 6% from June 2023. The median price in the Northeast was $521,500, up 9.7% from one year earlier.<\/p>\n

In the Midwest, existing-home sales decreased 8% from one month ago to an annual rate of 920,000 in June, down 6.1% from the prior year. The median price in the Midwest was $327,100, up 5.5% from June 2023.<\/p>\n

Existing-home sales in the South slid 5.9% from May to an annual rate of 1.76 million in June, down 6.9% from one year before. The median price in the South was $373,000, up 1.7% from last year.<\/p>\n

In the West, existing-home sales declined 2.6% in June to an annual rate of 740,000, identical to a year ago. The median price in the West was $629,800, up 3.5% from June 2023.<\/p>\n","protected":false},"excerpt":{"rendered":"

Existing-home sales faded 5.4% in June to a seasonally adjusted annual rate of 3.89 million. Sales also slumped 5.4% from one year ago. The median existing-home sales price bounced 4.1% from June 2023 to $426,900 \u2013 the second straight month it reached an all-time high and the twelfth consecutive month of year-over-year price gains. The […]<\/p>\n","protected":false},"author":45,"featured_media":6436,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[],"class_list":["post-6434","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-news"],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/posts\/6434","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/users\/45"}],"replies":[{"embeddable":true,"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/comments?post=6434"}],"version-history":[{"count":2,"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/posts\/6434\/revisions"}],"predecessor-version":[{"id":6437,"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/posts\/6434\/revisions\/6437"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/media\/6436"}],"wp:attachment":[{"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/media?parent=6434"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/categories?post=6434"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/tags?post=6434"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}