June’s data for both new and existing-home sales was recently released, showing that the summer seasonal trend has not entirely dissipated in a typically unpredictable market. The National Association of Realtors’ (NAR) most recent Existing-Home Sales Report shows a month-to-month increase of 1.4% from May to June, while new-home sales saw a decline of 6.6% in the same amount of time. Keep reading below for more more details from the two reports!
Existing-Home Sales Have First Increase in Four Months
After four months of a declining month-to-month pace, existing-home sales finally experienced gains in the month of June, seeing a 1.4% increase from the previous month to a seasonally adjusted rate of 5.86 million units in June. This number is a substantial gain of 22.9% compared to June of 2020, or a seasonally adjusted rate of 4.77 million units.
Some of this increase could be attributed to a slight 3.3% increase in inventory from May to June, leaving unsold inventory at a 2.6 month supply. This increase in listings did not impact prices much, however, as they continued to rise from June 2020’s levels. Year-over-year, prices increased nationally 23.4% for the month, the second highest number ever recorded by NAR. The median sales price was $363,300, compared to $294,400 the previous year.
New-Home Sales Decline Again
The month of June saw additional slowing of new-home sales registering a decline of 6.6% from May, according to the latest data released from the Census Bureau and U.S. Department of Housing and Urban Development. Contextually, this adds to a several month trend of decreasing new-home sales that has persisted throughout 2021.
Prices for new-home sales remained remarkably high, with the average sales price coming in at $428,700. The median sold price was $361,800, a slight decline of nearly $13,000.
With the market continuing to recover and inventory steadily making positive gains, now is the time to connect with all of your clients with encouragement for making a transaction happen.