EXISTING-HOME SALES FELL IN JUNE, PRICES NEAR ALL-TIME HIGH

Key Points:

  • Existing-home sales fell 3.3% in June from May to a seasonally adjusted annual rate of 4.16 million.
  • Existing-home sales fell 18.9% from one year ago.
  • At $410,200, the median existing-home sales price for June was the second-highest price ever recorded – since January 1999 when NAR began tracking the data – and 0.9% less than the all-time high from one year ago of $413,800.
  • This was the third time the monthly median sales price eclipsed $400,000, joining June 2022 and May 2022 ($408,600).
  • First-time buyers were responsible for 27% of sales in June, down from 28% in May and 30% in June 2022.
  • “There are simply not enough homes for sale,” said NAR Chief Economist Lawrence Yun. “The market can easily absorb a doubling of inventory.”
  • The Right Facts will continue to monitor home sales.
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