Existing-home sales in the US decreased -0.6% in June to a level 2.2% below a year ago, and sales have now decreased year-over-year for three consecutive months. The first-time buyer share of 31% was unchanged from last month, but down from 32% a year ago. The National Association of Realtors reported today (Monday) that 58% of homes sold in June were on the market less than a month, unchanged from May.

US Existing Home Sales

Existing-home sales in the US decreased -0.6% in June to a level 2.2% below a year ago, and sales have now decreased year-over-year for three consecutive months, said the US National Association of Realtors today (Monday).

The NAR reported that 58% of homes sold in June were on the market less than a month, unchanged from May. The June inventory increased +4.3%, a level 0.5% above a year ago, breaking the string of 36 consecutive months of decreases on a year-over-year basis. At the current sales rate, the June unsold inventory represents a 4.3-month supply, up from a 4.1-month supply last month and a 4.2-month supply a year ago. June existing sales reached a seasonally adjusted rate of 5.38 million units, compared to a downwardly revised 5.41 million in May.

Homes stayed on the market for 26 days in June, unchanged from the past three months, and down from 28 days a year ago.
The June all-cash sales share was 22%, up from 21% last month and 18% year ago. Individual investors purchased a 13% share in June, down from 15% in May and unchanged from a year ago.

For the second consecutive month, the June median sales price of US$276,900 set an all–time high, up +5.2% from a year ago, representing the 76th consecutive month of year-over-year increases. The June median condominium/co-op price of US$258,100 was up +4.9% from a year ago.