American Invest Hub
  • Politics
  • Investing
  • Business
  • Latest News

American Invest Hub

  • Politics
  • Investing
  • Business
  • Latest News
Business

June home sales slump as median sales price rises to $426,900

by admin July 24, 2024
July 24, 2024
June home sales slump as median sales price rises to $426,900

Sales of previously owned homes dropped 5.4% in June compared with May, to 3.89 million units on a seasonally adjusted, annualized basis, according to the National Association of Realtors. Sales were also 5.4% lower than June of last year. This is the slowest sales pace since December.

These are closed sales, so based on contracts signed mostly in April and May, when the average rate on the 30-year fixed mortgage jumped above 7%. Rates have pulled back slightly since then, to the high 6% range.

“We’re seeing a slow shift from a seller’s market to a buyer’s market,” said Lawrence Yun, chief economist for the Realtors. “Homes are sitting on the market a bit longer, and sellers are receiving fewer offers. More buyers are insisting on home inspections and appraisals, and inventory is definitively rising on a national basis.”

Inventory jumped 23.4% from a year ago to 1.32 million units at the end of June, coming off record lows but still just a 4.1-month supply. A 6-month supply is considered balanced between buyer and seller.

These inventory levels are the highest supply since May 2020, boosted by homes sitting on the market longer. The average time that a home sat on the market was 22 days, up from 18 days a year ago.

Even that new supply, however, is not helping ease prices. The median price of an existing home sold in June was $426,900, an increase of 4.1% year over year and an all-time high for the second straight month. Part of that is skewed because the higher end of the market is much stronger.

Sales of homes priced over $1 million was the only price category seeing gains over last year, while the biggest drop in sales was in the $250,000 and lower range.

Supply of homes for sale is weakest on the lower end, but is seeing a new surge now. While the sales price nationally is high, new listing prices are lower.

“The median listing price is being held down by an influx in smaller and lower-priced listings. In fact, the number of for-sale homes in the $200k to $350k price bucket surged by 50% compared to a year ago,” said Danielle Hale, chief economist for Realtor.com.

Higher-end buyers tend to use more cash, and 28% of sales were all-cash, up from 26% a year ago. Investors pulled back a bit, though, making up 16% of sales, down from 18% one year ago.

“Assuming more inventory continues to increase, two things would happen. Either home sales rise, or, if the prices do not rise, the prices would buckle down,” Yun added.

This post appeared first on NBC NEWS

0
FacebookTwitterGoogle +Pinterest
previous post
Harris hauls in $81 million in first 24 hours since Biden bowed out
next post
Delta cancels hundreds more flights as DOT opens probe

Related Posts

Target says shoppers are buying fewer groceries and...

May 24, 2024

Why Trump’s tariffs may hit UK businesses harder...

November 28, 2024

SMCI joins Nvidia, Broadcom in list of semiconductor...

October 1, 2024

Nissan shares jump 23% on potential Honda merger:...

December 18, 2024

Europe markets open: stocks rise; Trump announces 50%...

July 9, 2025

Costco stock price forms risky patterns: is the...

December 7, 2024

Ascension Health, largest Catholic hospital chain in the...

May 11, 2024

S&P 500 closes above 5,000 for first time...

February 10, 2024

Shopify stock price giant megaphone points to a...

March 20, 2025

China mulls TikTok US sale to Elon Musk...

January 14, 2025

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest News

    • How Donald Trump’s immigration crackdown may tank the labor market

      August 4, 2025
    • Trump’s tariff threat looms over India’s Russian oil deals

      August 4, 2025
    • Trump moves nuclear submarines near Russia: what triggered the move and what’s ahead

      August 3, 2025
    • BOE rate cuts offer little relief as UK households face mounting financial strain

      August 3, 2025
    • Retail investors shift focus to Europe as US valuations stretch

      August 3, 2025

    Categories

    • Business (3,583)
    • Investing (2,703)
    • Latest News (2,031)
    • Politics (1,530)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: americaninvesthub.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 americaninvesthub.com | All Rights Reserved