After four months of declines, existing home sales in the U.S. saw an increase last month.
According to the National Association of Realtors, sales were up 1.4 percent nationally in June, to a seasonally adjusted annual rate of 5.86 million. Sales climbed 22.9 percent from June 2020.
The median existing-home price last month was $363,300, up 23.4 percent from June 2020 ($294,400). NAR notes that every region of the U.S. recorded price jumps, marking 112 consecutive months of year-over-year gains.
“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. “Ideally, the costs for a home would rise roughly in line with income growth, which is likely to happen in 2022 as more listings and new construction become available.”
Properties averaged just 17 days on the market in June, unchanged from May. Impressively, 89 percent of homes sold in June 2021 were on the market for less than a month, according to NAR.
Looking here out West, existing-home sales rose 1.7 percent, with a median price of $507,000. That’s a 17.6 percent increase in price from June 2020.
Existing-home sales in the Northeast increased 2.8 percent last month, and posted an average home price of $412,800. The Midwest rose 3.1 percent, with a median price $278,700.
And finally, the South saw sales unchanged from May 2021, while average prices continued to creep upward, now standing at $311,600. That represents a 21.4 percent increase from one year ago.