Existing-home sales in the U.S. fell by 5.4% in June to an annual rate of 3.89 million units, according to the National Association of REALTORS®. This decline marks a similar 5.4% drop from the previous year. Despite the dip in sales, the median existing-home sales price surged to a record high of $426,900, reflecting a 4.1% increase from June 2023.
Total housing inventory rose by 3.1% from May to 1.32 million units, translating to a 4.1-month supply at the current sales pace. This is the highest inventory level since May 2020. NAR Chief Economist Lawrence Yun noted a shift towards a buyer's market, with homes staying on the market longer and sellers receiving fewer offers.
Market reaction was mixed, as the data highlighted both rising home prices and increasing inventory, suggesting a potential balance between supply and demand in the near future.
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