U.S. existing-home sales rise less than expected in June

The National Association of Realtors (NAR) announced on Thursday that the U.S. existing home sales rose 1.4 percent m-o-m to a seasonally adjusted rate of 5.86 million in June from a revised 5.78 million in May (originally 5.80 million). This represented the first rise in five months.

Economists had forecast home resales growing to a 5.90 million-unit pace last month.

In y-o-y terms, existing-home sales climbed 22.9 percent in June.

According to the report, three of the four major regions recorded m-o-m gains in existing-home sales in June and all four areas registered double-digit advances in y-o-y terms. The median existing-home price for all housing types in June was $363,300, up 23.4 percent y-o-y. This was the second highest level recorded since January 1999 and marked 112 straight months of y-o-y gains.

Single-family home sales stood at a seasonally-adjusted annual rate of 5.14 million in June, being up 1.4 percent m-o-m and up 19.3 percent from one year ago. The median existing single-family home price was $370,600 in June, up 24.4 percent from June 2020. Meanwhile, existing condominium and co-op sales were recorded at a seasonally-adjusted annual rate of 720,000 units in June, up from 710,000 in May and up 56.5% from one year ago. The median existing condo price was $311,600 in June, an annual advance of 19.1 percent.

"Supply has modestly improved in recent months due to more housing starts and existing homeowners listing their homes, all of which has resulted in an uptick in sales," noted Lawrence Yun, NAR's chief economist. "Home sales continue to run at a pace above the rate seen before the pandemic."