The median existing home price in the United States has risen by 23% in a year, to a new high of $363,000.
According to the National Association of Realtors, the median price of existing homes in the United States has grown by 23.4 percent, from $294,400 in June 2020 to an all-time high of $363,300 last month (NAR).
In June, sales of homes under $150,000 dropped compared to the previous year, while a surge in properties sold for $250,000 and up helped the median price reach a new high.
Existing home sales in the United States climbed by 22.9 percent last month compared to June 2020, when certain states were still under COVID-19 lockdown. According to the National Association of Realtors, the seasonally adjusted annual rate of existing home sales in June was 5.86 million units, up 1.4 percent from May. According to FactSet, this is less than the 5.9 million projected by economists.
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Last month’s slight sales comeback came after four months of decreases, as rising prices and a limited number of available properties on the market discouraged many would-be buyers, particularly those looking to buy their first home.
Because there are so few homes for sale, it’s become common for anyone who lists a home to receive multiple offers that surpass the asking price, and many homes sell within days.
Even still, Lawrence Yun, the NAR’s top economist, sees signs that the hot housing market is beginning to moderate.
While the market is still hot, Yun claims that sellers are now receiving roughly four bids instead of five. Although prices are still at all-time highs, he notes that this is a lagging indicator.
“Perhaps we’ve already crossed the threshold from super-hot to somewhat-hot,” Yun speculated.
Another encouraging indication for would-be homebuyers: the number of homes on the market increased slightly last month, albeit still being far lower than a year earlier.
Yun remarked, “Inventory is starting to open up.” “We may have turned the corner on inventories, albeit in small increments.”
There were 1.25 million unsold properties for sale at the end of June, up 3.3 percent from May but down 18.8% from June 2020. According to the NAR, this equates to a 2.6-month supply at current sales rates. The supply of unsold dwellings was 2.5 months at the end of May.
Houses tended to stay put. This is a condensed version of the information.