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 decreased 7.6% for residential homes but increased 18.7% for townhouse/condo homes. Pending sales decreased 5.5% for residential homes but increased 21.4% for townhouse/condo homes. Inventory decreased 3.7% for residential homes but increased 42.1% for townhouse/condo homes.
Median sales price increased 6.8% to $329,900 for residential homes and 5% to $236,300 for townhouse/condo homes. Days on market decreased 4.3% for residential homes but increased 32% for townhouse/condo homes. Months supply of inventory remained flat for residential homes but increased 46.7% for townhouse/condo properties.
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.
