Existing home sales fell 3.3% from May to June, reaching a seasonally adjusted annual rate of 4.16 million, according to data from the National Association of Realtors (NAR). On a year-over-year measurement, sales slid 18.9% from 5.13 million in June 2022.
The median existing-home price for all housing types in June was $410,200, the second-highest price of all time – the highest price was $413,8000 set in June 2022. Last month marked the third time that monthly median price was above $400,000 – outside of June 2022, there was the $408,600 achieved in May 2022.
Total housing inventory consisted of 1.08 million units in June, unchanged from May but down 13.6% from the 1.25 million level set one year ago. Unsold inventory was at a 3.1-month supply at the current sales pace, up from 3.0 months in May and 2.9 months in June 2022. Distressed sales only accounted for 2% of sales in June, virtually unchanged from the prior month and from one year before.
“There are simply not enough homes for sale – the market can easily absorb a doubling of inventory,” said NAR Chief Economist Lawrence Yun added. “The first half of the year was a downer, for sure, with sales lower by 23%. Fewer Americans were on the move despite the usual life-changing circumstances. The pent-up demand will surely be realized soon, especially if mortgage rates and inventory move favorably.”
First-time buyers were responsible for 27% of sales in June, down from 28% in May and 30% in June 2022. Individual investors or second-home buyer purchased 18% of homes in June, up from 15% in May and 16% the previous year. All-cash sales accounted for 26% of transactions in June, up from 25% in both May 2023 and June 2022.
