Existing-home sales slow as prices near all-time high #MABA #MassachusettsRealEstate #FirstTimeHomeBuyers #MaBuyerAgent

Existing-home sales slowed in June as the median sales price reached its second-highest level on record, the National Association of REALTORS® announced. Specifically, the median existing-home price for all housing types in June rose to $410,200, point nine percent less than the all-time high of $413,800 reached in June 2022. The only other time the median sales price has topped $400,000 was May 2022, when it hit $408,600. Existing-home sales slid three point three percent from May to a seasonally adjusted annual rate of 4.16 million. Year-over-year, sales were down eighteen point nine percent from 5.13 million in June 2022.

“Home sales fell, but home prices have held firm in most parts of the country,” NAR Chief Economist Lawrence Yun said in a press release. “The national median home price in June was slightly less than the record high of nearly $414,000 in June of last year. Limited supply is still leading to multiple-offer situations, with one-third of homes getting sold above the list price in the latest month.”
The thirty year fixed-rate mortgage averaged six point ninety six percent as of July 13, up from six point eighty one percent a week before and five point fifty one percent a year earlier, according to Freddie Mac. Total housing inventory at the end of June was 1.08 million units, flat with May but down thirteen point six percent on a year-over-year basis. At the current sales pace, unsold inventory represented a 3.1-month supply, up from 3 months in May and 2.9 months in June 2022.

Properties typically remained on the market for eighteen days in June, flat with May but up from 14 in June 2022. Seventy-six percent of homes sold in June were on the market for less than a month. By property type, single-family home sales in June slid three point four percent month over month to 3.72 million. The median existing single-family home price was $416,000, down one point two percent on a year-over-year basis. Existing condominium and co-op sales decreased two point two percent month over month to a seasonally adjusted annual rate of four hundred and forty thousand units in June, which was twenty percent lower than the June 2022 rate. The median existing condo price was $361,600, up one point nine percent from the year-ago price of $354,800.

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