Existing-home sales slipped in June, according to the National Association of Realtors (NAR). Sales varied among the four major U.S. regions, with the Midwest holding steady. All four regions recorded year-over-year sales declines.
Total existing-home sales – completed transactions that include single-family homes, townhomes, condominiums and co-ops – receded 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%,” said NAR Chief Economist Lawrence Yun in a release. “Fewer Americans were on the move despite the usual life-changing circumstances.”
Total housing inventory 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 3.0 months in May and 2.9 months in June 2022.
The median existing home price for all housing types in June was $410,200, down 0.9% from $413,800 in June 2022. The monthly median price surpassed $400,000 for the third time, joining June 2022 and May 2022 ($408,600).
Properties 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. NAR’s 2022 Profile of Home Buyers and Sellers found that the annual share of first-time buyers was 26%, the lowest since NAR began tracking the data.
All-cash sales accounted for 26% of transactions in June, up from 25% in May 2023 and June 2022.
Individual investors or second-home buyers, purchased 18% of homes in June, up from 15% in May and 16% the previous year.
Distressed sales – foreclosures and short sales – represented 2% of sales in June.
According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.96% as of July 13. That’s up from 6.81% the previous week and 5.51% one year ago.
Single-family and condo/co-op sales
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 20.0% from one year ago. The median existing condo price was $361,600 in June, up 1.9% from the previous year.
Regional breakdown
In the Midwest, existing-home sales were unchanged from one month ago at an annual rate of 990,000 in June, 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 Northeast grew 2.0% from May to an annual rate of 510,000 in June, down 21.5% from June 2022. The median price in the Northeast was $475,300, up 4.9% from the prior year.
Existing-home sales in the South faded 5.4% from May to an annual rate of 1.91 million in June, a decrease of 16.2% from the previous year. The median price in the South was $366,600, down 1.2% from June 2022.
In the West, existing-home sales declined 5.1% from the previous month to an annual rate of 750,000 in June, down 22.7% from one year ago. The median price in the West was $606,500, down 3.4% from June 2022.
The National Association of Realtors is America’s largest trade association, representing more than 1.5 million members involved in residential and commercial real estate industries.
