By Vincent Salandro | Builder
Existing-home sales declined for the fifth consecutive month in June to a seasonally adjusted rate of 5.12 million, according to the National Association of Realtors (NAR). Existing-home sales, which includes sales of single-family homes, townhomes, condominiums, and co-ops, decreased 5.4% from May and decreased 14.2% on a year-over-year (YOY) basis in June.
“Falling housing affordability continues to take a toll on potential home buyers,” says NAR chief economist Lawrence Yun. “Both mortgage rates and home prices have risen too sharply in a short span of time.”
Total housing inventory at the end of June was 1.26 million units, an increase of 9.6% month over month and a 2.4% YOY increase compared with June 2021. Unsold inventory sits at a 3.0 month supply at the current sales pace, up from 2.6 months in May and 2.5 months in June 2021. The median existing-home price for all housing types in June was $416,000, a 13.4% YOY increase, marking the 124th consecutive month of YOY increases in prices.
