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Home prices hit a new record in June

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Consistently low inventories have driven prices up over the past year. The median price of an existing home in June hit an all-time high of $ 363,300, up 23% from a year ago. This represents 112 consecutive months of year-over-year gains.

Sales of existing homes – which include single-family homes, townhouses, condominiums and co-ops – rose 1.4% from May to June, breaking four straight months of declines. Home sales are up 23% from a year ago – although this comparison is skewed as parts of the United States were still closed in June of last year due to the pandemic.

“Supply has improved slightly in recent months due to increased housing starts and the number of existing homeowners listing their homes, which has resulted in increased sales,” said Lawrence Yun, economist in head of NAR. “Home sales continue to grow at a rate higher than the rate observed before the pandemic. “

At the end of June, there were 1.25 million homes for sale, up 3.3% from May’s stock and down 18.8% from a year ago. At the current pace of sales, this equates to a 2.6 month supply. A balanced market between buyers and sellers typically requires a 6 month supply.

“At a general level, house prices are unlikely to come down due to tight inventory conditions, but I expect prices to appreciate at a slower pace by the end of the year. “Yun said. “Ideally, the costs of a home would increase roughly with income growth, which is expected to occur in 2022 as more listings and new construction become available.”

How many houses can I afford?

Still, the market continues to move at a steady pace, with nearly 90% of homes sold in a month. Properties were generally on the market for 17 days in June, which is unchanged from May and down from 24 days a year ago.

Three of the top four regions in the United States saw sales gains last month, while in the fourth, the South, sales were flat. Despite this, all four zones recorded double-digit price increases compared to last year.

As the median price of a home continues to rise, part of that price growth is due to larger, more expensive homes selling. Sales of homes between $ 100,000 and $ 250,000 are down 16% from last year, but sales of homes between $ 750,000 and $ 1 million are up 119% and sales over $ 1 million. dollars rose 147%.

“Huge gains in wealth from both home equity and the stock market have pushed cash transactions, but first-time homebuyers who need mortgage financing are particularly faced with record home prices and low stocks, ”Yun said. “Although rates are favorably low, these hurdles have been overwhelming for some potential buyers.”

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2/ https://www.cnn.com/2021/07/22/homes/existing-home-sales-june-feseries/index.html

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