By ~ calculated risk 23 July 2024 10:00:00 AM
From NAR: Existing home sales fell 5.4% in June, with the median sale price hitting a record high of $426,900
According to the National Association of REALTORS®, existing home sales declined in June and the median sale price rose to a record high for the second straight month. Sales declined in all four major regions of the U.S. Sales were down year-over-year in the Northeast, Midwest, and South, but flat in the West.
Total existing home sales (completed transactions including single-family homes, townhouses, condominiums and co-ops) have fallen 5.4% since May. June seasonally adjusted annual 3.89 million. Sales also decreased by 5.4% year-over-year (4.11 million units decreased as of June 2023).
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As of the end of June, the total registered housing inventory was 1.32 million units, up 3.1% from May and 23.4% from a year ago (1.07 million units). At the current selling pace, unsold inventory amounts to 4.1 months’ worth.That’s up from 3.7 months in May 2023 and 3.1 months in June 2023. The last time unsold inventory had a four-month supply was in May 2020 (4.5 months).
Emphasis added
Click on the graph to view a larger image.
This graph shows existing home sales since 1994 based on the seasonally adjusted annual average rate (SAAR).
June sales (3.89 million SAAR) were down 5.4% month-over-month and 5.4% below the June 2023 sales rate.
According to NAR, inventories increased to 1.32 million units in June, up 1.28 million units from the previous month.
The last graph shows the year-over-year (YoY) change in reported existing home inventory and months of supply. Since inventory is not seasonally adjusted, it is really helpful to look at the YoY change. Note: months of supply is based on seasonally adjusted sales, not seasonally adjusted inventory.
June inventories were up 23.4% year-over-year compared to June 2023 (blue).
Months of supply in June (red) increased to 4.1 months from 3.7 months in the previous month.
Sales were lower than consensus estimates. More on that later.
