Economists' Outlook

Housing stats and analysis from NAR's research experts.

June 2023 Existing-Home Sales Drop as Low Inventory Influences High Home Prices

NAR released a summary of existing-home sales data showing that housing market activity this June declined 3.3% from May 2023. June's existing home sales reached a 4.16 million seasonally adjusted annual rate. June's sales of existing homes weakened by 18.9% from June 2022.

Line graph: U.S. Existing-Home Sales, June 2022 to June 2023

The national median existing-home price for all housing types reached $410,200 in June, down 0.9% from a year ago.

Bar graph: U.S. and Regional Median Sales Price of Existing-Home Sales, June 2023 and June 2022

Regionally, in June, two of the four regions showed price growth from a year ago. The Northeast had the largest gain of 4.9%, followed by the Midwest with an incline of 2.1%. The West had the largest decline of 3.4%, followed by the South with the smallest drop in price of 1.2%.

June's inventory of unsold listings as of the end of the month was unchanged from last month, standing at 1,080,000 homes for sale. Compared with June 2022, inventory levels were down 13.6%. It will take 3.1 months to move the current level of inventory at the current sales pace, well below the desired pace of 6 months. Inventory conditions continue to be a challenge for potential home buyers.  

It takes approximately 18 days for a home to go from listing to a contract in the current housing market. A year ago, it took 14 days.

Bar graph: Inventory, June 2022 to June 2023

From a year ago, all four regions had double-digit declines in sales in June. The West had the biggest dip of 22.7%, followed by the Northeast, which fell 21.5%. The Midwest decreased 19.5%, followed by the South, which was down 16.2%.   

Compared to May 2023, two of the four regions showed declines in sales. The South region had the biggest decline in sales of 5.4%, followed by the West with a dip of 5.1%. The Midwest region was flat, and the Northeast increased 2.0% from last month.  

The South led all regions in percentage of national sales, accounting for 45.9% of the total, while the Northeast had the smallest share at 12.3%.

Bar graph: Regional Existing-Home Sales and Year-Over-Year Percent Change, June 2023 and June 2022

In June, single-family sales decreased 3.4%, and condominium sales were down 2.2% compared to last month. Single-family home sales were down 18.8%, while condominium sales fell 20.0% compared to a year ago. The median sales price of single-family homes fell 1.2% to $416,000 from June 2022, while the median sales price of condominiums rose 1.9% to $354,800.

Line graph: Year-Over-Year Percent Change in Single-family and Condominium Existing-Home Sales, January 2020 to June 2023
Line graph: Year-Over-Year Percent Change in Single-family and Condominium Median Sales Prices, January 2020 to June 2023