NAR Existing-Home Sales Report Shows 2.7% Decrease in June

Existing-home sales decreased by 2.7% in June, according to the National Association of REALTORS® Existing-Home Sales Report. The Report provides the real estate ecosystem, including agents and homebuyers and sellers, with data on the level of home sales, price, and inventory.

Month-over-month sales declined in the Northeast, Midwest and South and rose modestly in the West. Year-over-year, sales fell in the Northeast and West, while rising in the Midwest and South.

"The record high median home price highlights how American homeowners' wealth continues to grow—a benefit of homeownership. The average homeowner's wealth has expanded by $140,900 over the past five years," said NAR Chief Economist Lawrence Yun.

"Multiple years of undersupply are driving the record high home price. Home construction continues to lag population growth. This is holding back first-time home buyers from entering the market. More supply is needed to increase the share of first-time homebuyers in the coming years even though some markets appear to have a temporary oversupply at the moment."

"High mortgage rates are causing home sales to remain stuck at cyclical lows. If the average mortgage rates were to decline to 6%, our scenario analysis suggests an additional 160,000 renters becoming first-time homeowners and elevated sales activity from existing homeowners," Dr. Yun continued.

"Expanding participation in the housing market will increase the mobility of the workforce and drive economic growth. If mortgage rates decrease in the second half of this year, expect home sales to increase across the country due to strong income growth, healthy inventory, and a record-high number of jobs."

National Snapshot

Total Existing-Home Sales for June

2.7% decrease in total existing-home sales month-over-month to a seasonally adjusted annual rate of 3.93 million.
No change in sales year-over-year.

Inventory in June

1.53 million units: Total housing inventory, down 0.6% from May and increased 15.9% from June 2024 (1.32 million).
4.7-month supply of unsold inventory, up from 4.6 months in May and 4 months in June 2024.

Median Sales Price in June

$435,300: Median existing-home price for all housing types, up 2% from one year ago ($426,900) — a record high for the month of June, and the 24th consecutive month of year-over-year price increases.Single-Family and Condo/Co-op Sales

Single-Family Homes in June

3% decrease in sales to a seasonally adjusted annual rate of 3.57 million, up 0.6% from June 2024.
$441,500: Median home price in June, up 2% from June 2024.

Condominiums and Co-ops in June

No change in sales, a seasonally adjusted annual rate of 360,000 units, down 5.3% from June 2024.
$374,500: Median price, up 0.8% from June 2024.

Regional Snapshot for Existing-Home Sales in June

Northeast

8% decrease in sales month-over month to an annual rate of 460,000, down 4.2% year-over-year.
$543,300: Median price, up 4.2% from June 2024.

Midwest

4% decrease in sales month-over month to an annual rate of 950,000, up 2.2% year-over-year.
$337,600: Median price, up 3.4% from June 2024.

South

2.2% decrease in sales month-over month to an annual rate of 1.81 million, up 1.7% year-over-year.
$374,500: Median price, up 0.3% from June 2024.

West

1.4% increase in sales month-over month with an annual rate of 710,000, down 4.1% year-over-year.
$636,100: Median price, up 1% from June 2024.

REALTORS® Confidence Index for June

27 days: Median time on market for properties, unchanged from May, up from 22 days in June 2024.
30% of sales were first-time home buyers, unchanged from May and up from 29% in June 2024.
29% of transactions were cash sales, up from 27% in May and 28% in June 2024.
14% of transactions were individual investors or second-home buyers, down from 17% in May and 16% in June 2024—lowest level since September 2022 due to individual investors retreating from the market.
3% of sales were distressed sales (foreclosures and short sales), unchanged from May and up slightly from 2% in June 2024.

Mortgage Rates

6.75%: Average 30-year fixed-rate mortgage as of July 17 according to Freddie Mac, up from 6.72% one week before and down from 6.77% one year ago.

About the National Association of REALTORS®

The National Association of REALTORS® is involved in all aspects of residential and commercial real estate. The term REALTOR® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS® and subscribes to its strict Code of Ethics. For free consumer guides about navigating the homebuying and selling transaction processes – from written buyer agreements to negotiating compensation – visit facts.realtor.