This is the third month U.S. existing-home sales have decreased, impacted by higher mortgage rates and increasing sales prices, historically one of the busiest times of the year. According to the National Association of REALTORS® (NAR), sales of previously owned homes fell by 0.7% from the previous month and 2.8% from the previous year, resulting in a seasonally adjusted annual rate of 4.11 million units.
Closed sales declined by 10.2% for residential homes and 16.1% for condominiums. However, pending sales saw a rise of 7.9% for residential homes and 9.6% for condominiums. Inventory grew by 25.8% for residential homes and 60.1% for condominiums.
The median sales price increased by 5.5% to $675,000 for residential homes and 2.1% to $490,000 for condominiums. The days on market remained the same as last year for both property types. The months’ supply of inventory rose by 36.8% for residential homes and 60.0% for condominiums.
On a national scale, total housing inventory rose 6.7% month-over-month to 1.28 million units heading into June, providing a 3.7-month supply at the current sales pace, according to NAR. Despite the increase in supply, home prices have continued to rise across the country. The median existing-home price reached $419,300, a 5.8% increase from the same period last year and a record high for the month.
