by Calculated Risk July 23, 2024 10:00 AM
From NAR: Existing home sales fall 5.4% in June, median sales price rises to record high of $426,900
Existing home sales fell in June, with the median sales price hitting a record high for the second straight month, according to the National Association of Realtors. Sales fell in all four major U.S. regions. Year-over-year, sales fell in the Northeast, Midwest and South, but were stable in the West.
Total existing home sales (completed transactions including single-family homes, townhomes, condominiums and co-ops) were down 5.4% from May. The seasonally adjusted annual rate for June was 3.89 million.Compared to the same month last year, sales also decreased by 5.4% (down from 4.11 million units in June 2023).
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The total number of housing units in stock as of the end of June was 1.32 million, up 3.1% from May and 23.4% from the same month last year (1.07 million). At the current sales pace, there are 4.1 months’ worth of unsold inventory.That’s up from 3.7 months in May and 3.1 months in June 2023. The last time unsold inventory reached four months’ worth was in May 2020 (4.5 months).
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This chart shows existing home sales since 1994 on a seasonally adjusted annual rate (SAAR) basis.
Sales in June (3.89 million units based on SAAR) were down 5.4% from the previous month and down 5.4% from sales in June 2023.
According to NAR, inventories rose to 1.32 million units in June from 1.28 million the previous month.
The final chart shows the year-over-year (YoY) change in reported existing home inventory and months of supply. Since inventory is not seasonally adjusted, looking at the year-over-year change can be very useful. Note: months of supply is based on seasonally adjusted sales, not seasonally adjusted inventory.
Compared to June 2023, June inventory was up 23.4% year-over-year (blue).
Months of supply (red) increased from 3.7 months in the previous month to 4.1 months in June.
Revenue rates were below consensus expectations, more details to come later.
