The National Association of Realtors is reporting that existing home sales were up 1.4% in June to a seasonally-adjusted annual rate of 5.86 million (up 22.9% from one year ago). Total housing inventory at the end of June was 1.25 million units, down 18.8% from one year ago. Unsold inventory sits at a 2.6-month supply at the current sales pace with properties remaining on the market for around 17 days. The median existing-home price for all housing types was $363,300, up 23.4% from June, 2020. They do point out that supply has modestly improved in recent months due to more housing starts and new listings. Indeed...
"At a broad level, home prices are in no danger of a decline due to tight inventory conditions, but I do expect prices to appreciate at a slower pace by the end of the year," Yun said. "Ideally, the costs for a home would rise roughly in line with income growth, which is likely to happen in 2022 as more listings and new construction become available." Said Lawrence Yun, the NAR's Chief Economist.
Click here to read the full release at the National Board of Realtors.
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