Existing-Home Sales Declined 5.4% in June to 3.89 Million
Washington, DC, July 23, 2024-Total existing-home receded 5.4% from May to a seasonally adjusted annual rate of 3.89 million in June, according to the National Association of Realtors. Year-over-year, sales also dropped 5.4% (down from 4.11 million in June 2023).
“We're seeing a slow shift from a seller's market to a buyer's market,” said NAR chief economist Lawrence Yun. “Homes 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.”
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).
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.
“Even as the median home price reached a new record high, further large accelerations are unlikely,” Yun added. “Supply and demand dynamics are nearing a balanced market condition. The months supply of inventory reached its highest level in more than four years.”