U.S. existing-home sales edged up 0.8% month-over-month to a seasonally adjusted annual rate of 4.03 million units, exceeding economists’ expectations, although sales were down 0.7% year-over-year, according to the National Association of REALTORS® (NAR). On a monthly basis, sales increased in the Midwest, Northeast, and South but decreased in the West.
New listings increased 7.7% for residential homes but decreased 6% for townhouse/condo homes. Pending sales increased 1% for residential homes but decreased 23.2% for townhouse/condo homes. Inventory increased 4.9% for residential homes and 35.3% for townhouse/condo homes.
Median sales price increased 3.1% to $335,000 for residential homes but decreased 7.3% to $222,500 for townhouse/condo homes. Days on market increased 9.1% for residential homes and 31.3% for townhouse/condo homes. Months supply of inventory increased 9.1% for residential homes and 44% for townhouse/condo homes.
Heading into June, there were 1.54 million units for sale across the country, a 6.2% increase from the previous month and a 20.3% improvement over the same period last year, representing a 4.6-month supply at the current sales pace, according to NAR. Despite the additional supply, home prices have continued to rise nationwide, albeit at a slower pace than during the pandemic, climbing 1.3% year-over-year to $422,800 as of last measure.
