In June 2024, the U.S. housing market experienced a notable downturn, with existing-home sales falling by 5.4% compared to the previous month. Despite this decline, the median sales price reached an all-time high for the second consecutive month, signaling a shift in market dynamics. According to the National Association of Realtors, all major U.S. regions reported sales declines, with inventory levels rising and homes spending more time on the market. As a result, the market is gradually moving from a seller's market to a more balanced environment, offering potential opportunities for buyers.
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Source: The World Property Journal | Houterloot 7/26/2024 -
According to the National Association of Realtors, U.S. existing-home sales fell in June 2024 as the median sales price climbed to the highest price ever recorded for the second consecutive month.
All four major U.S. regions posted sales declines. Year-over-year, sales waned in the Northeast, Midwest and South but were unchanged in the West.
Total existing-home sales - completed transactions that include single-family homes, townhomes, condominiums and co-ops - receded 5.4% from May to a seasonally adjusted annual rate of 3.89 million in June. Year-over-year, sales also dropped 5.4% (down from 4.11 million in June 2023).
"We're seeing a slow shift from a seller's market to a buyer's market," said NAR Chief Economist Lawrence Yun. "Homes are sitting on the market a bit longer, and sellers are receiving fewer offers. More buyers are insisting on home inspections and appraisals, and inventory is definitively rising on a national basis."
Total housing inventory registered at the end of June was 1.32 million units, up 3.1% from May and 23.4% from one year ago (1.07 million). Unsold inventory sits at a 4.1-month supply at the current sales pace, up from 3.7 months in May and 3.1 months in June 2023. The last time unsold inventory posted a four-month supply was May 2020 (4.5 months).
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