NAR reports that, for the fifth consecutive month, existing-home sales dipped 5.4 percent from May to a seasonally adjusted annual rate of 5.12 million in June. Year-over-year, sales fell 14.2 percent.
The median existing-home price in June was $416,000, up 13.4 percent from June 2021, as prices increased in all regions. This marks 124 consecutive months of year-over-year increases, the longest-running streak on record.
“Falling housing affordability continues to take a toll on potential home buyers,” said NAR Chief Economist Lawrence Yun. “Both mortgage rates and home prices have risen too sharply in a short span of time.
“Finally, there are more homes on the market,” Yun added. “Interestingly though, the record-low pace of days on market implies a fuzzier picture on home prices. Homes priced right are selling very quickly, but homes priced too high are deterring prospective buyers.”
Existing-home sales out West were down 11.1 percent compared to May 2022, and down 21.3 percent from June of last year. The median price in the West was $624,000, an increase of 9.6 percent from June 2021.
Sales in the Northeast were unchanged from May and down 11.8 percent from June 2021. The median price in the Northeast was $453,300, a 10.1 percent jump from one year ago.Existing-home sales in the Midwest slid 1.6 percent from May 2022. The median price in the Midwest was $306,900, a 10.2 percent increase from one year before.
Existing-home sales in the South slipped 6.2 percent in June. The median price in the South was $374,900, a 16.8 percent increase from June 2021. For the tenth consecutive month, the South recorded the highest pace of price appreciation in comparison to the other three regions.