Sales of Previously Owned Homes Increases by 1.4% After 4-Straight Months of Declines

Source: National Association of Realtors.

Sales of existing homes increased by 1.4% in June month-to-month after four straight months of declines to a seasonally adjusted annualized rate of 5.86 million units. EURUSD down -0.20%, DJI dips -0.19%.

• Sales were 22.9% higher compared with June 2020. The annual comparison is still slightly skewed towards pandemic restrictions in some parts of the country.
• The inventory of homes for sale at the close of June was 1.25 million, representing a 2.6-month supply at the current sales pace, a slight improvement from May’s 2.5-month supply.
• Low inventory will continue to impose pressure on prices. 
• The median price of an existing home sold in June climbed to an all-time high of $363,300.
• Sales of homes priced between $100,000 and $250,000 dropped 16% annually. Sales of homes priced between $750,000 and $1 million increased 119%.
• Mortgage rates in April and May were slightly lower than in March. All-cash purchases rose to 23% of sales, up from 16% one year ago.