NAR released a summary of existing-home sales data showing that housing market activity this June jumped 20.7% from May 2020. June’s sales of existing homes dropped 11.3 % from June 2019. June’s existing-home sales reached a 4.72 million seasonally adjusted annual rate.
The national median existing-home price for all housing types was $295,300 in June, up 3.5% from a year ago. Home prices remain solid, this marks the 100th consecutive month of year-over-year gains.
Regionally, all four regions showed price growth from a year ago. The West had the largest gain of 5.4% followed by the South with an incline of 4.4%. The Northeast showed an increase of 3.6% and the Midwest had the smallest price gain of 3.2% from June 2019.
June’s inventory figures rose 1.3% from last month standing at 1.57 million homes for sale. Compared with June of 2019, inventory levels dropped by 18.2%. This would mark 13 straight months of year-over-year declines. It will take 4.0 months to move the current level of inventory at the current sales pace. It takes approximately 24 days for a home to go from listing to a contract in the current housing market, equal to 27 days a year ago.
From May 2020, all four regions showed double gains in sales except the Northeast which grew 4.3%. The West had the largest incline of 31.9%. The South had an increase of 26.0% followed by the Midwest with a gain of 11.1%.
From a year ago, all four regions showed declines in sales. The Northeast had the biggest decline in sales of 27.9% followed by the West with a drop of 13.6%. The Midwest had a decline of 13.4% followed by the South with the smallest drop in sales of 4.0%.
The South led all regions in percentage of national sales, accounting for 46.2% of the total, while the Northeast had the smallest share at 10.4%.
In June, single-family sales were up 19.9% and condominiums sales were up 29.4% compared to last month. Single-family home sales were down 9.9% while condominium sales were down 22.8% compared to a year ago. Single-family homes had an increase in price up 3.5% at $298,600 and condominiums rose 1.4% at $262,700 from June 2019.