news
Market Report - June 2024

 

Market Report - June 2024



U.S. existing-home sales declined for the third consecutive month, as higher mortgage rates and rising sales prices hindered market activity during what has traditionally been one of the busiest months of the year. According to the National Association of REALTORS® (NAR), sales of previously owned homes dipped 0.7% month-over-month and 2.8% year-over-year, to a seasonally adjusted annual rate of 4.11 million units.

New Listings were down 16.5 percent to 506. Pending Sales decreased 1.1 percent to 441. Inventory grew 41.4 percent to 1,577 units.

Prices moved higher as Median Sales Price was up 0.9 percent to $540,000. Days on Market increased 20.5 percent to 53 days. Months Supply of Inventory was up 44.0 percent to 3.6 months.

Nationally, total housing inventory grew 6.7% month-over-month to 1.28 million units heading into June, for a 3.7 months’ supply at the current sales pace, according to NAR. However, the increase in supply has yet to temper home prices, which have continued to rise nationwide. At last measure, the median existing-home price climbed to $419,300, a 5.8% increase from the same period last year and a record high for the month.

Here are some other articles you may find useful
2 MIN READ
Market Report - August 2020

  Market Report - August 2020 The housing and stock markets continue to be the leaders in the economy. In August, showings and pending sales remained at strong levels while housing inventory remained limited, continuing the competitive bidding m

SHOW MORE
3 MIN READ
A Year In Review - 2022 Market Report

  A Year In Review - 2022 Market Report 2022 began where 2021 left off: Mortgage rates were near historic lows, buyer competition was fierce, and homes were selling at a breakneck pace, often with multiple bids and all-cash offers, due to pent-u

SHOW MORE
2 MIN READ
Market Report - January 2022

  Market Report - January 2022 The 2022 real estate market begins where 2021 left off, in which existing home sales reached their highest level since 2006, with the National Association of REALTORS® reporting sales were up 8.5% compared to t

SHOW MORE
2 MIN READ
Market Report - August 2020

  Market Report - August 2020 The housing and stock markets continue to be the leaders in the economy. In August, showings and pending sales remained at strong levels while housing inventory remained limited, continuing the competitive bidding m

SHOW MORE
3 MIN READ
A Year In Review - 2022 Market Report

  A Year In Review - 2022 Market Report 2022 began where 2021 left off: Mortgage rates were near historic lows, buyer competition was fierce, and homes were selling at a breakneck pace, often with multiple bids and all-cash offers, due to pent-u

SHOW MORE