ARLINGTON, Va.—Existing-home sales rebounded 20.7% in June to a seasonally-adjusted annual rate of 4.72 million units, representing the highest month-over-month gain on record. However, sales are remain down 11.3% versus a year ago.
"Inventory continues to tighten as homes listed for sale in June totaled 1.57 million, down 16.7% from June 2019," wrote NAFCU Chief Economist and Vice President of Research Curt Long. "It also appears that job gains are slowing substantially or even reversing in July. In light of those constraints, NAFCU expects sales gains in the coming months to be more modest but still positive.”
Sales rose in all four regions during the month, most significantly in the West (+31.9%), followed by the South (+26%), the Midwest (+11.1%), and the Northeast (+4.3%).
Supply Problems
Based on current sales levels, there was four months of supply at the end of June, down 0.8 months from May. Analysts consider six months of supply to be roughly balanced between supply and demand, Long reminded.
The median existing-home price increased from $284,600 in May to $295,300 in June (not seasonally-adjusted), representing a 3.5% increase from the median price a year ago.