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.
Closed Sales decreased 13.4 percent for existing homes and 9.3 percent for
new homes. Pending Sales decreased 0.3 percent for existing homes and
20.9 percent for new homes. Inventory increased 12.6 percent for existing
homes but decreased 14.4 percent for new homes.
The Median Sales Price was up 6.8 percent to $315,000 for existing homes
but decreased 1.4 percent to $532,229 for new homes. Days on Market
increased 31.6 percent for existing homes and 11.3 percent for new homes.
Supply increased 20.0 percent for existing homes but increased 8.3 percent
for new homes.
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.
*Information and stats courtesy of KCRAR and Heartland MLS.