The National Association of Realtors® reported today that existing-home sales fell in June by 1.8%.
They attribute the decline to low inventory, but low inventory is not the only contributing factor: increasing home prices and a tentative economic climate in a large number of regions is keeping first-time buyers at bay.
Fast Facts
- Existing-home sales fell by 1.8% to a seasonally adjusted annual rate of 5.52 million in June from 5.62 million in May
- June’s sales pace is 0.7% above a year ago
- Demand for buying a home is as strong as it has been since before the Great Recession
- The median existing-home price for all housing types in June was up by 6.5% to $263,800
- June 2016 median was $247,600
- June’s median sales price surpasses May as the new peak and is the 64th straight month of year-over-year gains
- Total housing inventory at the end of June fell 0.5% to 1.96 million existing homes – and is 7.1% lower than 2016
- Total housing inventory has fallen year-over-year for 25 consecutive months
- Unsold inventory is at a 4.3-month supply