Existing home sales increased +1.4% in June. Reverses four months of falling sales.
Existing Home Sales Rose +1.4% in June
After four consecutive months of falling home sales, June sales of existing homes reversed the tide and rose +1.4%, according to the National Association of REALTORS® (NAR).
This +1.4% sales uptick contributed to an annual increase of nearly +23% in June from one year ago. (Please remember that June 2020 sales figures are heavily skewed from the pandemic and that year-to-year comparisons reflect this skewed position.)
This +1.4% increase in existing home sales is a big shift from May’s declines of -0.9% from April. Experts said that a sharp rise in home prices and inventory shortages led to May’s sales decline. Others said that buyers were simply “fatigued” by and needing a break from escalating home prices and competitive bidding wars.
Slight Inventory Increases into June
According to Lawrence Yun, chief economist with NAR, “Supply has modestly improved in recent months due to more housing starts and existing homeowners listing their homes, all of which has resulted in an uptick in sales.”
The median sales price for existing homes in June 2021 was a record-high of $363,300, an increase of +23.4% from June 2020.
Unsold inventory stood at 1.25M, a decrease of -18.8% from one year ago.
Average days on the market were 17 as compared with 24 DOM last June.
Thanks to the National Association of REALTORS® and The New York Times.