MNI BRIEF: US Existing Home Sales Fall 5.4% To 3.89M In June
U.S. sales of existing homes fell 5.4% to a seasonally adjusted annual rate of 3.89 million in June, the National Association of Realtors said Thursday, below market expectations. Year-over-year, sales also dropped 5.4%, down from 4.11 million in June 2023.
The national median home price was up 4.1% over the last year to USD426,900, the second straight month it reached an all-time high and the twelfth consecutive month of year-over-year price gains. The inventory of unsold existing homes rose 3.1% from the previous month to 1.32 million at the end of June.
“Even as the median home price reached a new record high, further large accelerations are unlikely,” NAR chief economist Lawrence Yun said. “Supply and demand dynamics are nearing a balanced market condition. The months supply of inventory reached its highest level in more than four years.”