June 2024
U.S. existing-home sales declined for the third consecutive month, as higher
mortgage rates and rising sales prices hindered market activity during what has
traditionally been one of the busiest months of the year. According to the National
Association of REALTORS® (NAR), sales of previously owned homes dipped 0.7%
month-over-month and 2.8% year-over-year, to a seasonally adjusted annual rate of
4.11 million units.
New Listings were up 6.6 percent to 1,638. Pending Sales increased 4.9 percent to
1,259. Inventory grew 51.5 percent to 2,730 units.
Prices moved higher as Median Sales Price was up 2.9 percent to $285,000. Days
on Market increased 5.1 percent to 41 days, the ninth consecutive month of yearover-
year gains. Months Supply of Inventory was up 47.1 percent to 2.5 months,
indicating that supply increased relative to demand.
Nationally, total housing inventory grew 6.7% month-over-month to 1.28 million
units heading into June, for a 3.7 months’ supply at the current sales pace,
according to NAR. However, the increase in supply has yet to temper home prices,
which have continued to rise nationwide. At last measure, the median existing-home
price climbed to $419,300, a 5.8% increase rom the same period last year and a
record high for the month.
Information courtesy of CMLS*
