Existing-home sales slowed in June as the median sales price reached its second-highest level on record, the National Association of REALTORS® announced.
Specifically, the median existing-home price for all housing types in June rose to $410,200, 0.9% less than the all-time high of $413,800 reached in June 2022. The only other time the median sales price has topped $400,000 was May 2022, when it hit $408,600.
Existing-home sales slid 3.3% from May to a seasonally adjusted annual rate of 4.16 million. Year-over-year, sales were down 18.9% from 5.13 million in June 2022.
“Home sales fell, but home prices have held firm in most parts of the country,” NAR Chief Economist Lawrence Yun said in a press release. “The national median home price in June was slightly less than the record high of nearly $414,000 in June of last year. Limited supply is still leading to multiple-offer situations, with one-third of homes getting sold above the list price in the latest month.”
The 30-year fixed-rate mortgage averaged 6.96% as of July 13, up from 6.81% a week before and 5.51% a year earlier, according to Freddie Mac.
Total housing inventory at the end of June was 1.08 million units, flat with May but down 13.6% on a year-over-year basis. At the current sales pace, unsold inventory represented a 3.1-month supply, up from 3 months in May and 2.9 months in June 2022.
Properties typically remained on the market for 18 days in June, flat with May but up from 14 in June 2022. Seventy-six percent of homes sold in June were on the market for less than a month.
By property type, single-family home sales in June slid 3.4% month over month to 3.72 million. The median existing single-family home price was $416,000, down 1.2% on a year-over-year basis.
Existing condominium and co-op sales decreased 2.2% month over month to a seasonally adjusted annual rate of 440,000 units in June, which was 20% lower than the June 2022 rate. The median existing condo price was $361,600, up 1.9% from the year-ago price of $354,800.