Home prices smashed another record in June as sales slump
Orlando-area realtor and TikTok creator Freddie Smith on Florida's pricey market and best advice for achieving homeownership.
The cost of buying a new house just hit another all-time high, according to a new report.
Data published by the National Association of Realtors shows the median existing U.S. home sale price jumped to $426,900 in June – a 4.1% increase from the same time last year. That marks the highest level on record and is the second straight month that prices topped a new high.
As prices marched higher, sales of previously owned homes tumbled 5.4% to an annual rate of 3.89 million units.
In a potentially good sign for buyers, however, there was an uptick in inventory last month. At the end of June, there were about 1.32 million homes for sale, according to the report, up 3.1% from the previous month and 23.4% from the same time one year ago.
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A home for sale sign in front of a house in Huntington Beach, California. (Allen J. Schaben / Los Angeles Times via Getty Images / Getty Images)
«We’re seeing a slow shift from a seller’s market to a buyer’s market,» said Lawrence Yun, NAR chief economist. «Homes are sitting on the market a bit longer, and sellers are receiving fewer offers. More buyers are insisting on home inspections and appraisals, and inventory is definitively rising on a national basis.»
Homes sold on average in about 22 days last month. That is down from the 24 days recorded in May but marks an increase from the 18 days in June 2023. Before the COVID-19 pandemic, homes typically sat on the market for about a month before being sold.
At the current pace of sales, it would take roughly 4.1 months to exhaust the inventory of existing
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