The National Association of Realtors is reporting that existing home sales were down 3.3% in June to a seasonally-adjusted annual rate of 4.16 million (down 18.9% year over year). Total housing inventory at the end of June was 1.08 million units, the same as May but down 13.6% from one year ago. Unsold inventory sits at a 3.1-month supply at the current sales rate with properties remaining on the market for around 18 days. The median existing-home price for all housing types in June was $410,200, down 0.9% from one year ago. The NAR said
“The first half of the year was a downer for sure with sales lower by 23%…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.” Said the NAR’s Chief Economist Lawrence Yun.
Click here to read the full report at the National Association of Realtors.