Market Updates
Existing Home Sales Slipped In June, Median Price Jumps to Record High
Brian Turner
23 Jul, 2024
New York City
Existing home sales in June declined for the fourth month in a row, but median home prices rose to a record high for the second consecutive month.
Existing home sales declined 5.4% from the previous month and from a year ago to 3.89 million, the National Association of Realtors reported Tuesday.
“We're seeing a slow shift from a seller's market to a buyer's market,” said NAR Chief Economist Lawrence Yun.
“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.”
Median sales price for all housing types increased 4.1% to a record high of $426,900, and total housing inventory at the end of June increased 23.4% from a year ago to 1.32 million.
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