Existing-home sales fell 14.2% year-over-year to a SAAR of 5.12 million units, versus 5.97 million from June 2021. Prices still surge upward. More inventory is becoming available, possibly due to a high cancelation rate (15%) in June.
Existing home sales numbers for JUNE 2022:
- EHS -14.2% YoY, vs June 2021
- June SAAR: 5.12M units (vs 5.97M)
- Median Price: $416,000 (+13.4% YoY)
- 124th consecutive month of YoY price increases
- Unsold Inventory: 3.0 months (up from 2.5 YoY)
- Homes sold <1 month: 88%
- First-time buyers: 30% (down 1 point YoY)
- Velocity: 14 days (down 3 days, fastest ever)
NAR’s Chief Economist, Lawrence Yun:
“Falling housing affordability continues to take a toll on potential home buyers. Both mortgage rates and home prices have risen too sharply in a short span of time. Finally, there are more homes on the market. Interestingly though, the record-low pace of days on market implies a fuzzier picture on home prices. Homes priced right are selling very quickly, but homes priced too high are deterring prospective buyers.”
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Read the full article at NAR:
Existing-Home Sales Slid 5.4% in June