U.S. existing-home sales declined for the third consecutive month, as higher mortgage rates and rising sales prices hindered market activity during what has traditionally been one of the busiest months of the year. According to the National Association of REALTORS® (NAR), sales of previously owned homes dipped 0.7% month-over-month and 2.8% year-over-year, to a seasonally adjusted annual rate of 4.11 million units.
New Listings decreased 6.7 percent to 195. Pending Sales were up 12.2 percent to 129. Inventory levels shrank 2.9 percent to 538 units.
Prices continued to gain traction. The Median Sales Price increased 13.8 percent to $264,500. Days on Market was up 19.5 percent to 92 days. Buyers felt empowered as Months Supply of Inventory was up 2.0 percent to 5.1 months.
Nationally, total housing inventory grew 6.7% month-over-month to 1.28 million units heading into June, for a 3.7 months’ supply at the current sales pace, according to NAR. However, the increase in supply has yet to temper home prices, which have continued to rise nationwide. At last measure, the median existing-home price climbed to $419,300, a 5.8% increase from the same period last year and a record high for the month.
Curious about the current value of your home? Don’t hesitate to reach out to a member of the Kira Witherwax Team at RE/MAX North Country.
To view the full Market Report for June, download the link below.
Comments