Economists' Outlook

Housing stats and analysis from NAR's research experts.

June 2020 Existing-Home Sales

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.

Line graph: U.S. Existing-Home Sales June 2019 to June 2020

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.

Bar chart: Sales Price of EHS by Region June 2020 and June 2019

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.

Bar chart: Inventory June 2019 to June 2020

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%.

Bar chart: Regional Existing-Home Sales and Year-Over-Year Percent Change June 2020 and June 2019

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.


Comment Policy

The opinions expressed in reader comments sections on this website are those of the reader and not NAR or REALTOR® Magazine.

About Economists' Outlook

Visit this blog daily to see what NAR experts are saying about the economy, the housing market, and other factors that will impact your business.

Housing Minute

Housing Minute is a monthly video series highlighting the latest housing data from the National Association of REALTORS® in a minute or less.