Sales for homes under $150,000 fell in June compared to last year, but an increase in properties being sold at $250,000 and higher helped the median price jump to its new height.
Last month, existing U.S. home sales increased by 22.9 percent compared to June 2020, when some states were still under lockdown due to COVID-19. The seasonally-adjusted annual rate of existing home sales in June was 5.86 million units, an increase of 1.4 percent from May, reported the NAR. That is below the 5.9 million expected by economists, according to FactSet.The U.S. housing market saw the median price for existing homes hit a new high in June 2021.
While the market remains heated, Yun said sellers are now typically receiving about four offers, down from five. Prices are still at all-time highs, but he points out that that tends to be a lagging indicator.Another positive sign for would-be homebuyers: The number of homes on the market, while still down sharply from a year ago, edged up last month.
Homes typically remained on the market for 17 days in June, unchanged from May and down from 24 days a year ago.
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