. 1.32 million units
Prior month 4.11Mexisting home sales -5.4% versus -0.7% last monthinventory at 4.1 months vs 3.7 months prior or 1.32 million unitsMedian price $426,900 which is up 4.1% from June 2023 (record high)These are closed sales when rates were above 7%Average days is 22 (down from 24 days) but up from 18 days last yearFirst-time buyers were responsible for 29% of sales in June, down from 31% in May but up from 27% in June 2023.All-cash sales accounted for 28% of transactions in June, unchanged from May and up from 26% one year agoIndividual investors or second-home buyers, who make up many cash sales, purchased 16% of homes in June, identical to May and down from 18% in June 2023.
All four major US regions posted sales declines:
Northeast:
Sales: Decreased 2.1% from May to an annual rate of 470,000, down 6% from June 2023.Median Price: $521,500, up 9.7% from one year earlier.
Midwest:
Sales: Decreased 8% from May to an annual rate of 920,000, down 6.1% from June 2023.Median Price: $327,100, up 5.5% from June 2023.
South:
Sales: Decreased 5.9% from May to an annual rate of 1.76 million, down 6.9% from June 2023.Median Price: $373,000, up 1.7% from last year.
West:
Sales: Decreased 2.6% from May to an annual rate of 740,000, unchanged from a year ago.Median Price: $629,800, up 3.5% from June 2023.
Houses are sitting, but inventory is increasing too:
Other housing data from the NAR on sales:
This article was written by Greg Michalowski at www.forexlive.com.