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Price of Existing Homes Rose at a Blistering Year-Over-Year Pace of 23.4%

Existing home sales rose 1.4% from negative revisions. The key news regards a huge jump in median sales price.
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Existing Homes Sales 2021-06

The National Association or Realtors reports Existing-Home Sales Expand 1.4% in June

That is from a negative 0.3 percentage point revision. The lead chart puts sales into a better light. The key data is price and speed. 

Key Details

  • Existing-home sales rose 1.4% on a seasonally adjusted annual rate from May to June, with no region showing a sales decline.
  • The inventory of unsold homes increased 3.3% to 1.25 million from May to June – equivalent to 2.6 months of the monthly sales pace.
  • The median existing-home price for all housing types in June was $363,300, up 23.4% from June 2020 ($294,400), as every region recorded price jumps. This marks 112 straight months of year-over-year gains.
  • The price increase is the second highest level recorded since January 1999.
  • Homes on the market typically sold in 17 days.
  • Eighty-nine percent of homes sold in June 2021 were on the market for less than a month.

By Region

  • Existing-home sales in the Northeast increased 2.8% in June, recording an annual rate of 740,000, a 45.1% rise from a year ago. The median price in the Northeast was $412,800, up 23.6% from June 2020.
  • Existing-home sales in the Midwest rose 3.1% to an annual rate of 1,330,000 in June, an 18.8% increase from a year ago. The median price in the Midwest was $278,700, an 18.5% increase from June 2020.
  • Existing-home sales in the South were unchanged from May, posting an annual rate of 2,590,000 in June, up 19.4% from the same time one year ago. The median price in the South was $311,600, a 21.4% climb from one year ago.
  • Existing-home sales in the West rose 1.7%, registering an annual rate of 1,200,000 in June, a 23.7% jump from a year ago. The median price in the West was $507,000, up 17.6% from June 2020.

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Median sales price does not take size or features into account. The Case-Shiller report is a price measure of repeat sales of the same house. The next report may be interesting.

Until then, note that Corelogic Reports a 6.6% Increase in Single Family Rent Prices

As discussed in the above link, BLS price measures are more than a bit suspect.

Mish

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