The June median sales price of all existing US homes reached a record high of US$285,700, up +4.3% from a year ago, representing the 88th consecutive month of year-over-year increases. The median existing condominium/co-op price of US$260,100 in June was up +2.8% from a year ago.
Total existing home sales in the US, released by the National Association of Realtors (NAR) Tuesday, fell more than expected in June. Total sales dropped -1.7% to a seasonally adjusted annual rate of 5.27 million in June. On a year-over-year basis, sales were -2.2% lower than a year ago, marking the sixteenth straight month of declines on an annualized basis.
The first-time buyer share rose to 35% in June from 32% last month and 31% a year ago. The June inventory increased to 1.93 million units from 1.91 million units in May, but unchanged from the level of one year ago. At the current sales rate, the June unsold inventory represents a 4.4-month supply, up from a 4.3-month supply both last month and a year ago.
Homes stayed on the market for an average of 27 days in June, up from 26 days both last month and a year ago. In June, 56% of homes sold were on the market for less than a month.
The June all-cash sales shared 16% of transactions, down from 19% last month and 22% a year ago.