According to the National Association of REALTORS® (NAR), existing home sales increased at a record pace in June, a significant turnaround after three consecutive months of sales declines due to the pandemic. Completed transactions for all property types increased 20.7 percent to a seasonally adjusted rate of 4.72 million. Year-over-year, however, existing-home sales are still down 11.3 percent.
The median sales price for existing homes was $295,300 in June, up 3.5 percent YoY, and prices increased across every region. Unsold inventory is currently at 4.0-months supply, down from 4.8 in May and 4.3 in June 2019. Days on market was at 24 for June, down from 26 days in May and 27 days in June 2019.