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.