Existing-home sales slowed 5.4% in June, declining to an annualized pace of 4.37 million units. This is the slowest pace since last October. Compared with the first quarter of this year, sales are down by an annualized 2.6%. Nonetheless, the second quarter pace of sales is the second fastest in the last two years.
The decline in June sales was broad-based across regions, with the Northeast faring the worst and the Midwest faring the best.
Inventory of existing homes rose slightly in June, reaching 6.6 months, up from 6.4 the previous month. The increase was driven by a drop in demand. Listings of homes for sale fell as well, by 3.2%, likely a result of fewer distressed listings.
The average median home price continued to appreciate in June as a result of a declining share of distressed sales. The median home price increased 0.9% over the previous month in June to $189,400. This level is 7.9% above year-ago levels. The share of distressed sales dropped to 25% in June from 30% the previous year.
Read the NAR release.