Properties typically remained on the market for 14 days in June.
Properties typically remained on the market for 14 days in June, down from 16 days in May and 17 days in June 2021. The 14 days on market are the fewest since NAR began tracking it in May 2011. Eighty-eight percent of homes sold in June 2022 were on the market for less than a month.
“Existing home sales for June are mainly bad news, but with a glimmer of hope,” said Robert Frick, corporate economist at Navy Federal Credit Union. “Higher prices and higher mortgage rates continue to frustrate potential home buyers, but that’s causing inventories to creep up, which eventually should moderate price increases. We’re already seeing a little softening in housing inflation, with some sellers reducing prices.
Existing condominium and co-op sales were recorded at a seasonally adjusted annual rate of 550,000 units in June, down 9.8% from May and down 24.7% from one year ago. The median existing condo price was $354,900 in June, an annual increase of 11.5%. Existing home sales in the South slipped 6.2% in June to an annual rate of 2,260,000, down 14.1% from the previous year. The median price in the South was $374,900, a 16.8% bounce from one year ago. For the tenth consecutive month, the South recorded the highest pace of price appreciation in comparison to the other three regions.
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