Existing Home Sales Down 14.2%

EHS June 2022US home sales drop for fifth consecutive month.

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.”

Follow ESA for more information on your local housing market.

Read the full article at NAR:
Existing-Home Sales Slid 5.4% in June


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