The median existing-home price for all housing types in June was $410,200, the second-highest price of all time and down 0.9% from the record-high of $413,800 in June 2022, according to the National Association of Realtors' (NAR) monthly existing-home sales report.
The report also revealed total sales, or completed transactions that include single-family homes, townhomes, condominiums, and co-ops, decreased 3.3% from May to a seasonally adjusted annual rate of 4.16 million in June. Year over year, sales fell 18.9%, down from 5.13 million in June 2022.
"The first half of the year was a downer for sure with sales lower by 23%," says NAR chief economist Lawrence Yun. "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."
Total housing inventory registered at the end of June was 1.08 million units, identical to May but down 13.6% from one year ago. Unsold inventory sits at a 3.1-month supply at the current sales pace, up from 3 months in May and 2.9 months in June 2022.
"There are simply not enough homes for sale," adds Yun. "The market can easily absorb a doubling of inventory."
Properties typically remained on the market for 18 days in June, identical to May but up from 14 days in June 2022. Seventy-six percent of homes sold in June were on the market for less than a month.
First-time buyers were responsible for 27% of sales in June, down from 28% in May and 30% in June 2022.
All-cash sales accounted for 26% of transactions in June, up from 25% in both May 2023 and June 2022. Individual investors or second-home buyers, who make up many cash sales, purchased 18% of homes in June, up from 15% in May and 16% the previous year.
Single-family home sales decreased to a seasonally adjusted annual rate of 3.72 million in June, down 3.4% from 3.85 million in May and 18.8% from the previous year. The median existing single-family home price was $416,000 in June, down 1.2% from June 2022.
Existing condominium and co-op sales recorded a seasonally adjusted annual rate of 440,000 units in June, down 2.2% from May and 20% from one year ago. The median existing condo price was $361,600, up 1.9% from the previous year.
Sales varied among the four major U.S. regions, with the Northeast experiencing gains, the Midwest holding steady, and the South and West posting decreases. All four regions recorded year-over-year sales declines.
Sales in the Northeast grew 2% from May to an annual rate of 510,000, down 21.5% from June 2022. The median price in the Northeast was $475,300, up 4.9% from the prior year.
In the Midwest, existing-home sales were unchanged from one month ago at an annual rate of 990,000, slumping 19.5% from one year ago. The median price in the Midwest was $311,800, up 2.1% from June 2022.
Existing-home sales in the South faded 5.4% from May to an annual rate of 1.91 million, a decrease of 16.2% from the previous year. The median price in the South was $366,600, down 1.2% from June 2022.
Sales in the West declined 5.1% from the previous month to an annual rate of 750,000, down 22.7% from one year ago. The median price in the West was $606,500, down 3.4% from June 2022.