United States Existing Home Sales

Existing home sales in the US fell by 5.4% from the previous month to a seasonally adjusted annualized rate of 3.89 million units in June of 2024, the sharpest monthly decline since 2022, to the fewest amount of sales since the start of the year. It was the fourth consecutive monthly decline in existing home sales as the median sales price climbed to a record high of $426,900. In the meantime, unsold housing inventory rose by 3.1% from the previous month to 1.32 million, or the equivalent of 4.1 months' supply at the current monthly sales pace. “We're seeing a slow shift from a seller's market to a buyer's market,” said NAR Chief Economist Lawrence Yun. “Homes are sitting on the market a bit longer, and sellers are receiving fewer offers. More buyers are insisting on home inspections and appraisals, and inventory is definitively rising on a national basis.”