Existing Home Sales Rise Slightly for the First Time in Four Months

existing home sales rise slightly for the first time in four months

Sumary of Existing Home Sales Rise Slightly for the First Time in Four Months:

  • Existing home sales snapped a four-month losing streak in June.
  • Sales of pre-owned single-family houses, townhouses, condominiums, and cooperative apartments, rose 1.4 percent on a seasonally adjusted annual basis to 5.86 million units, 22.9 percent higher than the 4.77 million rate in June 2020. Activity was higher month-over-month in three of the four major regions of the country.
  • Sales of single-family homes and condos were also up 1.4 percent to 5.14 million and 720,000 annual units, respectively.
  • Single-family sales were 19.3 percent higher on an annual basis while condo sales gained 56.5 percent year-over-year.
  • “Supply has modestly improved in recent months due to more housing starts and existing homeowners listing their homes, all of which has resulted in an uptick in sales,” said Lawrence Yun, NAR’s chief economist.
  • The median single-family home price grew 24.4 percent to $370,600 and the median existing condo price posted a more modest 19.1 percent increase to $311,600. Yun said he sees no danger than home prices will decline due to the tight inventory conditions, “but I do expect prices to appreciate at a slower pace by the end of the year.
  • “Huge wealth gains from both housing equity and the stock market have nudged up all-cash transactions, but first-time buyers who need mortgage financing are being uniquely challenged with record-high home prices and low inventory,” Yun explained.

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