Prices Up, Sales Down for Existing Homes in June

Existing home sale prices had another record high in June, with a median of $276,900, growing 4.45 percent from May, and 5.2 percent annually, per the National Association of Realtors.

Even though June is typically the peak month for closings on home in a year, closings were down in June 2018 0.6 percent MoM and 2.2 percent YoY, according to Realtor.com. The company's chief economist Danielle Hale explains that with the shortage of for-sale housing sending prices sky-high, "Some people have no choice but [to] wait," and delay their purchase of a home. Regionally, sales rose from May to June in the Northeast and Midwest, and tumbled in the South and West.

Sales fell the most in the ultraexpensive West, which includes Silicon Valley and San Francisco, to about 1.14 million. They dipped 2.6 percent from May and 5 percent from June 2017. The median home price was $417,400 in the region. Sales also tumbled in the South, by 2.2 percent month over month. But they were up 0.4 percent year over year. The median home price was $237,500 for the 2.25 million sales.

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