Ekonomické zprávy
23.07.2024

U.S. existing-home sales decline 5.4 per cent in June

The National Association of Realtors (NAR) reported on Tuesday that the U.S. existing home sales declined 5.4 per cent m-o-m to a seasonally adjusted rate of 3.89 million in June from an unrevised 4.11 million in May. This was the fourth straight monthly drop in existing home sales and marked the lowest rate since December 2023 (3.88 million). 

Economists had expected home re-sales decreasing at a 4.00 million-unit pace last month.

In y-o-y terms, existing-home sales also dropped 5.4 per cent in June.

According to the report, all four major regions - the Midwest (-8.0 per cent m-o-m), the South (-5.9 per cent m-o-m), the West (-2.6 per cent m-o-m), and the Northeast (-2.1 per cent m-o-m) - recorded decreases on a m-o-m basis. In y-o-y terms, existing-home sales remained unchanged in the West, but fell in the remaining three regions - the South (-6.9 per cent), Midwest (-6.1 per cent), and Northeast (-6.0 per cent).

Over the reviewed period, the median existing-home price for all housing types soared 4.1 per cent y-o-y to $ $426,900. This marked the 12th straight month of year-over-year advances in median existing-home price and the second consecutive month it reached an all-time high.

Single-family home sales came in at a seasonally-adjusted annual rate of 3.52 million in June, down 5.1 per cent m-o-m and 4.3 per cent y-o-y. Meanwhile, existing condominium and co-op sales were registered at a seasonally-adjusted annual rate of 370,000 units in June, down 7.5 per cent m-o-m and 14.0 per cent y-o-y.

Commenting on the latest data, Lawrence Yun, NAR chief economist, noted that a slow shift from a seller's market to a buyer's market is now being seeing. “Homes are sitting on the market a bit longer, and sellers are receiving fewer offers,” he added. “ More buyers are insisting on home inspections and appraisals, and inventory is definitively rising on a national basis.”

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