The numbers: U.S. existing-home sales fell 5.4% to a seasonally adjusted yearly rate of 5.12 million in June, the National Association of Realtors stated Wednesday.
Financial experts surveyed by the Wall Street Journal were expecting sales to be 5.36 million.
This is the weakest level of sales considering that June 2020, during the COVID-19 lockdown. Outside of the pandemic, the sales number weakest because January 2019.
Compared to June 2021, residence sales were down 14.2%.
This is the 5th straight monthly decrease and also comes as home loan rates have surged as well as inventories stay low.
Secret information: The typical price for an existing home increased to a document $416,000 up 13.4% from June 2021. Rates are continuing to increase however are at slower rate.
The number of homes on the market climbed 9.6% to 1.26 million units in June. This is up 2.4% from a year ago, the initial year-over-year gain in 3 years.
Revealed in terms of the months-supply metric, there was a 3-month supply of residences to buy in June, up from 2.6 months in May. Before the pandemic, a four-month supply was a lot more the norm.
Homes continued to be on the market only for 14 days generally, down from 16 days last month. Pre-pandemic, the ordinary time for houses to remain on the market was a month.
There were no regions of the nation that saw gains in June. Sales were the same in the Northeast as well as fell in the other three areas.
All-cash transactions composed 25% of all purchases, unmodified from May. Regarding 30% of houses were offered to new house purchasers, up from 27% in the previous month.