According to the National Association of REALTORS®, existing home sales slowed for the third consecutive month in June. Despite growing buyer demand, a limited number of available homes for sale continues to suppress growth and bolster home prices.
Interest Rates
According to Freddie Mac, 30-year fixed rates decreased from 4.57 percent to 4.52 percent. This rate remains well below the historical average of 8.90 percent.
Home Sales
The National Association of REALTORS® reported home sales at a seasonally adjusted annual rate of approximately 5.38 million homes during the month of June. This was a decrease of 0.6 percent from May and a decrease of 2.2 percent from June of last year.
Home Prices
The median home price increased to $276,900 in June, which was up 4.5 percent from May and up 5.2 percent from June of last year. The median home price has increased by approximately $13,600 in the past year alone.
Inventory
There was a 4.3-month supply of housing inventory in June, which was up 2.4 percent from May. The total number of available homes for sale has increased by 4.9 percent compared to June of last year.
