Despite a Drop in Existing-Home Sales, the Median Sales Price Hit a New Record High in June
At the same time, unsold inventory continues to increase, reaching a 4.1-month supply
July 24, 2024
Image: phonlamaiphoto / stock.adobe.com
Homes are sitting on the market longer as home prices go up.
Sales of existing homes are declining, according to a recent report from the National Association of Realtors. In June, existing-home sales decreased by 5.4% month-over-month to 3.89 million. Year-over-year, this trend was observed in the majority of the U.S., with sales declining in the Northeast, Midwest, and South but staying mostly unchanged in the West. While sales continue to drop, the median sales price only continues to climb. In June, the median national sales price reached a new record high of $426,900.
Total housing inventory registered at the end of June was 1.32 million units, up 3.1% from May and 23.4% from one year ago (1.07 million). Unsold inventory sits at a 4.1-month supply at the current sales pace, up from 3.7 months in May and 3.1 months in June 2023. The last time unsold inventory posted a four-month supply was May 2020 (4.5 months).
