Price of Existing-Home Rose at a Blistering Year-Over-Year Pace of 23.4%

Existing home sales rose 1.4% from negative revisions. The key news regards a huge jump in median sales price.

by Mike ‘Mish’ Shedlock
Mish Talk

The National Association or Realtors reports Existing-Home Sales Expand 1.4% in June

That is from a negative 0.3 percentage point revision. The lead chart puts sales into a better light. The key data is price and speed.

Key Details

  • Existing-home sales rose 1.4% on a seasonally adjusted annual rate from May to June, with no region showing a sales decline.
  • The inventory of unsold homes increased 3.3% to 1.25 million from May to June – equivalent to 2.6 months of the monthly sales pace.
  • The median existing-home price for all housing types in June was $363,300, up 23.4% from June 2020 ($294,400), as every region recorded price jumps. This marks 112 straight months of year-over-year gains.

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