NAR released a summary of existing-home sales data showing that housing market activity increased for the fourth consecutive month, as June’s existing-home sales reached the 5.57 million seasonally adjusted annual rate. June’s existing-home sales are up 3.0 percent from a year ago.
The national median existing-home price for all housing types was $247,700 in June, up 4.8 percent from a year ago.
Regionally, all four regions showed growth in prices from a year ago, with the West leading at 7.2 percent. The Midwest had an increase of 5.7 percent, and the South followed with a 5.5 percent increase. The Northeast had the smallest gain of 1.4 percent from June 2015.
From May, only two of the four regions experienced increases in sales. The Midwest dominated regional sales with an increase of 3.8 percent. The West had an increase of 1.7 percent while the sales in the South didn’t change. The Northeast had the only decline of 1.3 percent.
All regions showed gains in sales from a year ago except the West where sales declined 0.8 percent. The Northeast had the biggest increase of 5.6 percent followed by the Midwest with a gain of 4.7. The South had the smallest gain of 3.2 percent. The South leads all regions in percentage of national sales at 40.6 percent while the Northeast has the smallest share at 13.6 percent.
June’s inventory figures are down 0.9 percent from last month to 2.12 million homes for sale and the level is below historical averages. Inventories are down 5.8 percent from a year ago. It will take 4.6 months to move the current level of inventory at the current sales pace. It takes approximately 34 days for a home to go from listing to a contract in the current housing market, which is the same as a year ago.
Single family sales increased 0.8 percent while condos also increased 3.2 percent compared to last month. Single family home sales increased 3.1 percent and condo sales are also up 1.6 percent from a year ago. Both single family and condos had an increase in price with single family up 5.0 percent and condos up 3.2 percent from June 2015.