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Economy in Brief

U.S. Existing Home Sales Turn Up in June
by Carol Stone, CBE  July 22, 2021

• Existing home sales have first increase since January.

• Prices set another record, rising in all four regions.

• Months' supply of homes on the market edges up again, but is still very low.

The National Association of Realtors (NAR) reported that sales of existing homes rose 1.4% (+22.9% y/y) in June to 5.860 million (SAAR) after decreasing 1.2% in May to 5.780 million, revised from 5.800 million initially reported. These sales had in fact fallen for four consecutive months from 6.660 million in January. The Action Economics Forecast Survey expected sales of 5.940 million in June. These data are compiled when existing home sales close.

The June sales increase took place in three of the four regions of the U.S. The largest was 3.1% in the Midwest (+18.8% y/y), as sales there rose to 1.330 million from 1.290 million. In the Northeast, they rose 2.8% (45.1% y/y) to 740,000 from 720,000, and they rose 1.7% (23.7% y/y) in the West to 1.200 million from 1.180 million. Sales were unchanged in South at 2.590 million (+19.4% y/y)

The median price of an existing home increased 3.7% (23.4% y/y) to yet another record, $363,300. The median home price was highest in the West, where it rose 0.4% (17.6% y/y) to $507,000. Prices elsewhere were less high, but rose more vigorously in June. In the Northeast, the median price was $412,800, up 7.4% in the month, 23.6% y/y. The median home price in the South rose 4.2% (21.3% y/y) to $311,600. In the Midwest, prices increased 3.6% (18.5% y/y) to $278,750. The average sales price of all existing homes rose 2.7% last month (16.1% y/y) to $381,800. The price data are not seasonally adjusted.

The number of existing homes on the market rose 3.3% (NSA) during June, reaching 1.25 million at month end. This number was still down year-on-year, 18.8% for June, and still remained near the record low of 1.03 million units in January and February. These figures date back to January 1999. The months' supply of homes on the market rose slightly for a fifth month to 2.6 months but remained well below its recent high of 4.6 months in May of last year.

Sales of existing single-family homes rose 1.4% (+19.3% y/y) in June to 5.140 million units (SAAR), the first month-to-month increase this year. Sales of condos and co-ops rose 1.4% (56.5% y/y) to 720,000.

The data on existing home sales, prices and affordability are compiled by the National Association of Realtors. The data trace back to February 1968. Total sales and price data and regional sales can be found in Haver's USECON database. Regional price and affordability data and national inventory data are available in the REALTOR database. The expectations figure is from the Action Economics Forecast Survey, reported in the AS1REPNA database.

Existing Home Sales (SAAR, 000s) Jun May Apr Jun Y/Y % 2020 2019 2018
Total Sales 5,860 5,780 5,850 22.9 5,658 5,327 5,334
   Northeast 740 720 730 45.1 705 684 686
   Midwest 1,330 1,290 1,290 18.8 1,339 1,246 1,262
   South 2,590 2,590 2,600 19.4 2,458 2,282 2,246
   West 1,200 1,180 1,230 23.7 1,156 1,115 1,141
 Single-Family Sales 5,140 5,070 5,130 19.3 5,076 4,749 4,736
Median Price Total ($, NSA) 363,300 350,400 340,600 23.4 295,217 269,783 257,267
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