Source: Housing Wire —
After four consecutive months of declines, existing home sales increased in June, jumping 1.4% from May to a seasonally adjusted annual rate of 5.86 million, according to the National Association of Realtors. You can thank a rise in housing inventory for the gains.
Sales climbed 22.9% year over year, up from 4.77 million in June 2020 as housing inventory has slowly improved in recent months. Total housing inventory at the end of June amounted to 1.25 million units, up 3.3% from May’s inventory and down 18.8% from one year ago.
“That’s due to more housing starts and existing homeowners listing their homes, all of which has resulted in an uptick in sales,” said Lawrence Yun, NAR’s chief economist. “Home sales continue to run at a pace above the rate seen before the pandemic.”
Unsold housing inventory sits at a 2.6-month supply at the current sales pace, Yun said — also up from May’s 2.5-month supply.
The median existing-home price for all housing types in June was $363,300, up 23.4% from June 2020 ($294,400), as every region recorded price jumps. This marks a staggering 112 straight months of year-over-year gains.