U.S. existing-home sales edged up 0.8% month-over-month to a seasonally adjusted annual rate of 4.03 million units, exceeding economists’ expectations, although sales were down 0.7% year-over-year, according to the National Association of REALTORS® (NAR). On a monthly basis, sales increased in the Midwest, Northeast, and South but decreased in the West. New Listings decreased 14.8 percent for Single Family homes and 2.8 percent for Townhouse-Condo homes. Pending Sales decreased 43.8 percent for Single Family homes and 45.4 percent for Townhouse-Condo homes. Inventory increased 17.5 percent for Single Family homes and 47.3 percent for Townhouse-Condo homes.
Median Sales Price increased 2.1 percent to $1,225,000 for Single Family homes and 0.5 percent to $718,550 for Townhouse-Condo homes. Days on Market increased 47.4 percent for Single Family homes and 52.2 percent for Townhouse-Condo homes. Months Supply of Inventory increased 19.2 percent for Single Family homes and 50.0 percent for Townhouse-Condo homes.
Heading into June, there were 1.54 million units for sale across the country, a 6.2% increase from the previous month and a 20.3% improvement over the same period last year, representing a 4.6-month supply at the current sales pace, according to NAR. Despite the additional supply, home prices have continued to rise nationwide, albeit at a slower pace than during the pandemic, climbing 1.3% year-over-year to $422,800 as of last measure.
