Existing home sales in the United States plunged 5.4% in June on a monthly basis to stand at a seasonally adjusted annual rate of 3.89 million, a report from the National Association of Realtors (NAR) showed on Tuesday. Year over year, the figure also declined by 5.4%.
The median existing-home sales price for all housing types jumped by 4.1% compared to the same month a year ago, coming in at $426,900. Total housing inventory at the end of June was at 1.32 million units, surging by 3.1% from the prior month and 23.4% compared to June 2023.
"We're seeing a slow shift from a seller's market to a buyer's market," NAR Chief Economist Lawrence Yun commented. "Supply and demand dynamics are nearing a balanced market condition. The month's supply of inventory reached its highest level in more than four years," he added.
