June Existing-Home Sales Down 5.4%, Median Sales Price Up to $416K
Washington, DC, July 20, 2022-Total existing-home sales dipped 5.4% from May to a seasonally adjusted annual rate of 5.12 million in June, according to the National Association of Realtors. Year-over-year, sales fell 14.2% (5.97 million in June 2021).
"Falling housing affordability continues to take a toll on potential home buyers," said NAR chief economist Lawrence Yun. "Both mortgage rates and home prices have risen too sharply in a short span of time."
Total housing inventory registered at the end of June was 1,260,000 units, an increase of 9.6% from May and a 2.4% rise from the previous year (1.23 million). Unsold inventory sits at a 3.0-month supply at the current sales pace, up from 2.6 months in May and 2.5 months in June 2021.
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 regions. This marks 124 consecutive months of year-over-year increases, the longest-running streak on record.
Properties typically remained on the market for 14 days in June, down from 16 days in May and 17 days in June 2021. The 14 days on market are the fewest since NAR began tracking it in May 2011. Eighty-eight percent of homes sold in June 2022 were on the market for less than a month.
"Finally, there are more homes on the market," Yun added. "Interestingly though, the record-low pace of days on market implies a fuzzier picture on home prices. Homes priced right are selling very quickly, but homes priced too high are deterring prospective buyers."
First-time buyers were responsible for 30% of sales in June, up from 27% in May and down from 31% in June 2021.