Existing home sales rise in June
|Summary
Inventory Growth Makes Room for an Upturn in Sales
- Existing home sales rose 1.4% during June to a 5.86 million-unit pace, ending a four-month streak of declines.
- Both single-family and condo/co-op sales advanced 1.4% during the month.
- Inventory levels continue to slowly climb. Total inventories rose 3.3% during the month to 1.25 million. However, inventories, which are down 18.8% over the past year, are still incredibly tight.
- Low inventories continue to boost price appreciation, with median prices rising 23.4% over the past year.
- Properties remained on the market for 17 days in June, which was unchanged from the prior month, but down from 24 days a year ago.
- Resales rose 3.1% in the Midwest, and increased 2.8% in the Northeast. The West registered a 1.7% improvement, while sales were unchanged in the South.
Source: National Association of Realtors and Wells Fargo Securities
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