Last Update: 23-Jul-19 10:31 ET
Existing Home Sales
- Existing home sales decreased 1.7% month-over-month in June to a seasonally-adjusted annual rate of 5.27 million (Briefing.com consensus 5.30 million) from an upwardly revised 5.36 million (from 5.34 million) in May.
- Total sales were 2.2% lower than the same period a year ago.
- The median existing home price for all housing types increased 4.3% year-over-year to a record $285,700, representing the 88th consecutive month of year-over-year gains. The median existing single-family home price was $288,900, up 4.5% year-over-year.
- Existing home sales across regions: Northeast (+3.0%); Midwest (+2.3); South (-6.1%); and West (-5.3%). Median home prices by region: Northeast (+4.8% to $321,200); Midwest (+6.7% to $230,400); South (+4.9% to $248,600); and West (+2.3% to $410,400).
- Single-family home sales dropped 1.5% month-over-month to a seasonally adjusted annual rate of 4.69 million, but were down 1.7% year-over-year.
- The inventory of homes for sale at the end of June increased to 1.93 million from 1.91 million in May. The inventory was unchanged from a year ago.
- Unsold inventory stood at 4.4-month supply at the current sales pace versus 4.3 months in May. This is below the 6.0-months' supply typically associated with a more balanced market.
- 56% of homes sold in June were on the market for less than a month.
- First-time buyers accounted for 35% of sales in June, up from 32% in May and 31% a year ago.
- All-cash sales made up 16% of transactions in June, down from 19% in May and 22% one year ago.
- The key takeaway from the report is that the drop in mortgage rates has failed to spur a meaningful pickup in existing home sales, which continue to be constrained by the lack of available supply at lower price points.
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