United States Existing Home Sales

Existing home sales in the US increased 1.4% mom to 5.86 million in June of 2021, the first rise in five months and compared to market forecasts of 5.9 million."Supply has modestly improved in recent months due to more housing starts and existing homeowners listing their homes, all of which has resulted in an uptick in sales. Home sales continue to run at a pace above the rate seen before the pandemic. 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", said Lawrence Yun, NAR's chief economist. Sales were unchanged in the South but rose in the other three major regions of the US. Total housing inventory amounted to 1.25 million units, up 3.3% from May's inventory and down 18.8% from one year ago (1.54 million). The median existing-home price for all housing types was $363,300, up 23.4% from June 2020.