- By: Michael Hyman
- NAR released a summary of existing-home sales data showing that housing market activity this June fell 1.7% from May 2019. June’s sales of existing homes fell 2.2% from June 2018. June’s existing home sales reached a 5.27 million seasonally adjusted annual rate.
- The national median existing-home price for all housing types reached a high of $285,700 in June, up 4.3% from a year ago. This marks the 88th consecutive month of year-over-year gains.
- Regionally, all four regions showed growth in prices from a year ago. The Midwest had largest gain of 6.7% followed by the South with a gain of 4.9%. The Northeast had an increase of 4.8% followed by the West with the smallest increase of 2.3 from June 2018.
- June’s inventory figures are up from last month 1.0% to 1.93 million homes for sale. Compared with June of 2018, inventory levels were flat, showing no change. It will take 4.4 months to move the current level of inventory at the current sales pace. It takes approximately 27 days for a home to go from listing to a contract in the current housing market; homes only stayed on the market 26 days last year as well.
- From May 2019, all four regions showed inclines in sales. The Northeast had the biggest incline in sales at 4.7%. The Midwest rose 3.4% followed by the South and the West, both with a gain of sales of 1.8%.
- From a year ago, all the four regions showed declines in sales. The South had the smallest decline in sales at 0.4%. The Midwest fell 1.6% followed by the Northeast with the decline of 4.2%. The West had the biggest drop in sales of 5.2%. The South led all regions in percentage of national sales, accounting for 42.7% of the total, while the Northeast had the smallest share at 12.9%.
- In June, single-family sales were up 1.5 % and condominiums sales were up 3.3 to last month. Single-family home sales fell 1.7 % and condominium sales were down 6.5 compared to a year ago. Single-family homes had an increase in price up 4.5 % at $288,900 and condominiums rose 2.8 % at $260,100 from June 2018.
Source: https://www.nar.realtor/
Nancy M. Alexander - Stone Harbor and Avalon NJ Real Estate NancyAlexander.com
