US Existing Home Sales Experience a Slight Decline

In June, the United States witnessed a 2.7% decrease in existing home sales from the previous month, settling at a seasonally adjusted annual rate of 3.93 million, as reported by the National Association of Realtors (NAR). Year-over-year, sales figures remained unchanged, showcasing a stable yet competitive market.

Record-Breaking Prices Amidst Tight Inventory

The median sales price for existing homes across all housing types soared to an unprecedented $435,300, marking a 2% increase from the previous year. Despite a slight 0.6% dip in inventory from May to 1.53 million units, there was a significant 15.9% rise compared to June 2024, indicating a dynamic shift in market availability.

Homeownership Wealth on the Rise

Lawrence Yun, NAR's Chief Economist, highlighted the silver lining of these trends, stating, "The record high median home price underscores the growing wealth of American homeowners, with an average increase of $140,900 over the last five years." This growth is attributed to years of limited supply fueling the surge in home prices.