August 14, 2022

Used home sales fall for fifth straight month – Money Times

US pre-owned home sales fell 5.4% in June. (Image: Reuters/Karen Doocy)

US pre-owned home sales fell 5.4% in June. A seasonally adjusted annual rate of 5.12 million units. Compared to the same period last year, there was a decline 14.2%

According to data released by the National Association of Realtors (NAR) on Wednesday (20), it was the fifth consecutive month of decline and to the lowest level in two years.

“The decline in home purchase prices continues to affect potential buyers,” says NAR Chief Economist Lawrence Yun. “Mortgage rates and home prices have both risen a lot in a short period of time.”

The median sales price rose 13.4% year-over-year to $416,000, a new record.

The inventory of unsold used homes rose to 1.26 million at the end of June. Properties were on the market for an average of 14 days during this period, compared to 16 days in May 2021 and 17 days in June. The 14 days on the market is the lowest rate since NAR began tracking it in May 2011.

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