June 2024 Existing-Home Sales Drop as Median Price Hits $426,900

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NAR released a summary of existing-home sales data showing that housing market activity declined 5.4% from May 2024 to June. June existing-home sales reached a 3.89 million seasonally adjusted annual rate. June sales of existing homes declined 5.4% from June 2023.

The national median existing-home price for all housing types reached $426,900 in June, up 4.1% from a year ago. This would be a new record high since the data series began. This also marks 12 straight months of price gains.

Regionally, in June, all four regions showed price growth from a year ago. The Northeast had the largest gain of 9.7%, followed by the Midwest with an increase of 5.5%. The West had an increase of 3.5%, while the South region rose 1.7%.

June's inventory of unsold listings as of the end of the month was up 3.1% from last month, standing at 1,320,000 homes for sale. Compared with June of 2023, inventory levels were up 23.4%. It will take 4.1 months to move the current level of inventory at the current sales pace, well below the desired pace of 6 months. The months' supply reached 4.1, which is the highest since September 2019.

It takes approximately 22 days for a home to go from listing to a contract in the current housing market. A year ago, it took 18 days.

Compared to June a year ago, three of the four regions had declines in sales. The West region was flat, showing no gains. The South had the largest decline, 5.1%, followed by the Midwest, which fell 6.1%. The Northeast region had the smallest decrease, 6.0%.

Compared to May 2024, all four regions fell in sales. The Midwest had the largest decline of 8.0%, followed by the South with a dip of 5.9%. The West region decreased by 2.6%, followed by the Northeast, with the smallest decline at 2.1%.

The South led all regions in percentage of national sales, accounting for 45.2% of the total, while the Northeast had the smallest share at 12.1%.

In June, single-family sales decreased 5.1%, and condominium sales fell 7.5% compared to last month. Single-family home sales were down 4.3%, while condominium sales fell 14% compared to a year ago. The median sales price of single-family homes rose 4.1% to $432,700 from June 2023, while the median sales price of condominiums increased 2.6% to $371,700.

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