PYMNTS-MonitorEdge-May-2024

Existing Home Sales Up In June, Down From A Year Ago

house with sold sign

Existing home sales rebounded in June, a sign that the nation’s real estate market is making a comeback, but year-over-year transactions are still off by double digits, according to data released by the National Association of Realtors (NAR) on Wednesday (July 22).

After three consecutive months of declines, sales of single-family homes, townhomes, condominiums and co-ops improved by nearly 21 percent in June to a seasonally-adjusted annual rate of 4.72 million.

But compared to June 2019, sales dipped by 11 percent from 5.32 million.

Each of the nation’s four major regions achieved month-over-month growth, with the West experiencing the greatest sales recovery. But sales in all sections are down compared to last June.

While sales were off compared to a year ago, prices continued to climb nationwide. The median price in June for all housing types was $295,300, up 3.5 percent from June 2019 when it was $285,400.

Year-over-year prices have risen in every region for 100 straight months as inventory of homes for sale continues to fall. At the end of June, 1.57 million units were available for sale, down 18 percent from one year ago when 1.92 million were available.

Properties remained on the market for 24 days last month, down from 27 days in June 2019. More than 60 percent of homes sold in June were on the market for less than a month.

Buyers who closed on home sales in June benefitted from historically low mortgage rates. The average commitment rate for a 30-year fixed-rate mortgage was 3.16 percent in June, according to Freddie Mac.

In the West, sales rose 32 percent to an annual rate of 950,000 in June, but fell 13.6 percent from a year ago. The median price in the West was $432,600, up 5.4 percent from June 2019.

Existing home sales in the Northeast rose 4.3 percent, recording an annual rate of 490,000, off by 28 percent decrease from a year ago. The median price in the Northeast was $332,900, up 3.6 percent from June 2019.

Sales of existing homes increased 11 percent in the Midwest to an annual rate of 1.1 million in June, down 13.4 percent from a year ago. The median price in the Midwest was $236,900, a 3.2 percent increase from June 2019.

Existing home sales in the South swelled 26 percent to an annual rate of 2.18 million in June, down 4 percent from the same time one year ago. The median price in the South was $258,500, a 4.4 percent rise from a year ago.

PYMNTS-MonitorEdge-May-2024