Existing Home Sales Down 5.4% in June
The National Association of Realtors is reporting that existing home sales were down 5.4% in June to a seasonally-adjusted annual rate of 5.12 million (down 14.2% year over year). Total housing inventory at the end of June was 1,260,000 units, up 2.4% from one year ago. Unsold inventory sits at a 3-month supply at the current sales rate with properties remaining on the market for around 14 days. The median existing-home price for all housing types in June was $ 416k, up 13.4% from one year ago. The NAR says this marks 124 consecutive months of year-over-year increases, still the longest-running streak on record.
“Falling housing affordability continues to take a toll on potential home buyers…Both mortgage rates and home prices have risen too sharply in a short span of time.” Said NAR Chief Economist Lawrence Yun.