June 2024 Market Update

U.S. existing-home sales declined for the third consecutive month, as higher mortgage rates and rising sales prices hindered market activity during what has traditionally been one of the busiest months of the year. According to the National Association of REALTORS® (NAR), sales of previously owned homes dipped 0.7% month-over-month and 2.8% year-over-year, to a seasonally adjusted annual rate of 4.11 million units.

• Single Family Closed Sales were down 14.7 percent to 5,369.

• Townhouse-Condo Closed Sales were down 15.2 percent to 1,779.

• Adult Communities Closed Sales were down 19.5 percent to 635.

• Single Family Median Sales Price increased 10.6 percent to $586,000.

• Townhouse-Condo Median Sales Price increased 15.3 percent to $430,000.

• Adult Communities Median Sales Price increased 3.9 percent to $355,750.

Nationally, total housing inventory grew 6.7% month-over-month to 1.28 million units heading into June, for a 3.7 months’ supply at the current sales pace, according to NAR. However, the increase in supply has yet to temper home prices, which have continued to rise nationwide. At last measure, the median existing-home price climbed to $419,300, a 5.8% increase from the same period last year and a record high for the month.