
Existing-home sales declined in June at the same time median sales prices reached a new all-time high, according to the National Association of Realtors (NAR).
Total existing-home sales—completed transactions that include single-family homes, townhomes, condos, and co-ops—fell 5.4% month-over-month to a seasonally adjusted annual rate of 3.89 million. Sales were also 5.4% lower than June 2023 levels.
The median existing-home price for all housing types was $426,900 in June, an all-time high and an increase of 4.1% from a year ago. According to the NAR, prices have posted year-over-year gains for twelve consecutive months.
“We’re seeing a slow shift from a seller’s market to a buyer’s market,” says NAR chief economist Lawrence Yun. “Homes are sitting on the market a bit longer, and sellers are receiving fewer offers. More buyers are insisting on home inspections and appraisals, and inventory is definitely rising on a national basis.”
Total inventory at the end of June was 1.32 million units, up 23.4% from a year ago and up 3.1% from the previous month. Unsold inventory sits at a 4.1-month supply at the current sales pace, up from 3.7 months in May and 3.1 months in June 2023. June marked the first time since May 2020 that unsold inventory posted a four-month supply, according to the NAR.
“Even as the median home price reached a new record high, further large accelerations are unlikely,” says Yun. “Supply and demand dynamics are nearing a balanced market condition. The months supply of inventory reached its highest level in more than four years.”
In June, single-family home sales fell to a rate of 3.52 million, down 5.1% from May levels and down 4.3% from June 2023 levels. The median single-family existing home price was $432,700 in June, up 4.1% from June 2023.
According to the REALTORS Confidence Index, properties typically remained on the market for 22 days in June, up from 18 days in the same month of 2023. First-time buyers accounted for 29% of sales in June, up from 27% in June 2023.
All-cash sales represented 28% of June transactions while individual investors or second home buyers purchased 16% of existing homes in June.
On a regional basis, sales fell in each of the four census regions while median prices increased in each region. On a percentage basis, sales declined the most in the Midwest (-8%) while prices increased the most in the Northeast (+9.7%).