U.S. existing-home sales edged up 0.8% month-over-month to a seasonally adjusted annual rate of 4.03 million units, exceeding economists’ expectations, although sales were down 0.7% year-over-year, according to the National Association of REALTORS® (NAR). On a monthly basis, sales increased in the Midwest, Northeast, and South but decreased in the West.

Closed Sales increased 10.9 percent for Existing Homes homes but decreased 5.1 percent for New Construction homes. Pending Sales decreased 5.6 percent for Existing Homes homes but increased 3.7 percent for New Construction homes. Inventory increased 15.7 percent for Existing Homes homes but decreased 3.5 percent for New Construction homes.

Median Sales Price increased 3.2 percent to $325,000 for Existing Homes homes but decreased 5.8 percent to $500,000 for New Construction homes. Days on Market increased 4.0 percent for Existing Homes homes but decreased 26.8 percent for New Construction homes. Months Supply of Inventory increased 9.5 percent for Existing Homes homes but decreased 5.4 percent for New Construction homes.

Heading into June, there were 1.54 million units for sale across the country, a 6.2% increase from the previous month and a 20.3% improvement over the same period last year, representing a 4.6-month supply at the current sales pace, according to NAR. Despite the additional supply, home prices have continued to rise nationwide, albeit at a slower pace than during the pandemic, climbing 1.3% year-over-year to $422,800 as of last measure.