Existing Home Sales Down 1.7% in June

Median Existing Home Sales Price Hit All-Time High

The National Association of Realtors (NAR) reported existing home sales declined in June amid a shortage in housing inventory. Two of the four major U.S. regions saw moderate gains, while the other two posted greater declines.

“Home sales are running at a pace similar to 2015 levels – even with exceptionally low mortgage rates, a record number of jobs and a record high net worth in the country,” said Lawrence Yun, NAR’s chief economist. Yun. “Imbalance persists for mid-to-lower priced homes with solid demand and insufficient supply, which is consequently pushing up home prices.”

The median existing-home price for all housing types in June reached an all-time high of $285,700, up 4.3% from June 2018 ($273,800). The increase in the month of June marks the 88th straight month of year-over-year gains.

Total housing inventory at the end of June increased to 1.93 million, up from 1.91 million in May. However, that’s still unchanged from one year ago. Unsold inventory is at a 4.4-month supply at the current sales pace, up from the 4.3 month supply recorded in both May and in June 2018.

Existing home sale in the Northeast rose 1.5% to an annual rate of 680,000, still 4.2% lower than one year ago. The median price was $321,200, up 4.8% from June 2018.

In the Midwest, existing home sales rose 1.6% to an annual rate of 1.25 million, still 1.6% lower than one year ago. The median price was $230,400, a 6.7% increase up from a year ago.

Existing home sales in the South declined 3.4% to an annual rate of 2.25 million, a decline of 0.4% from a year ago. The median price was $248,600, an increase of 4.9% from one year ago.

In the West, existing home sales were down 3.5% to an annual rate of 1.09 million, which is 5.2% lower than a year ago. The median price was $410,400, up 2.3% from June 2018.