Economic Buzz: US Existing Home Sales Fall 5.4% In June

21 Jul 2022 , 09:10 AM

A report released by the National Association of Realtors showed existing home sales in the U.S. tumbled by much more than expected in the month of June. Existing home sales plunged by 5.4 percent to an annual rate of 5.12 million in June after slumping by 3.4 percent to an annual rate of 5.41 million in May. The report said the median existing home price was $416,000 in June, up 1.9 percent from $408,400 in May and up 13.4 percent from the same month a year ago. Housing inventory at the end of June totaled 1.26 million units, up 9.6 percent from 1.15 million units at the end of May and up 2.4 percent from 1.23 million units a year ago. The unsold inventory represents 3.0 months of supply at the current sales pace, up from 2.6 months in May and 2.5 months in June 2021. NAR also said single-family home sales tumbled by 4.8 percent to an annual rate of 4.57 million in June, while existing condominium and co-op sales plummeted by 9.8 percent to a rate of 550,000.Powered by Commodity Insights