Existing-Home Sales Down in June
According to the National Association of Realtors, existing-home sales declined by 2.7% month-over-month in June, but no change on a year-over-year basis. At the same time, the median price for existing homes climbed 2% year-over-year to $435,300, marking the 24th consecutive month of year-over-year price increases.
Regionally, sales fell month-over-month in most areas—including in the Northeast, Midwest, and South—but were up slightly in the West. On a year-over-year basis, sales fell in the Northeast and West, while rising in the Midwest and South.
"The record high median home price highlights how American homeowners' wealth continues to grow—a benefit of homeownership. The average homeowner's wealth has expanded by $140,900 over the past five years," said NAR Chief Economist Lawrence Yun.
"Multiple years of undersupply are driving the record high home price. Home construction continues to lag population growth. This is holding back first-time home buyers from entering the market. More supply is needed to increase the share of first-time homebuyers in the coming years even though some markets appear to have a temporary oversupply at the moment."