with a 6.4 month supply of existing-homes. Though inventory is trending upwards at the moment, it still remains 7.6 percent below this time last year. For those familiar with the housing sector, 2.19 million homes equates to approximately five months of available inventory.
The resulting increase currently represents 2.19 million homes that are for sale across the United States. The recent decline in home sales has increased inventory levels by 1.9 percent. “However, higher mortgage interest rates will bite into high-cost regions of California, Hawaii and the New York City metro area market.”ĭirectly correlated to the drop in existing-home sales, is the upward trend in available housing inventory we are currently experiencing. “Affordability conditions remain favorable in most of the country, and we’re still dealing with a large pent-up demand,” said Lawrence Yun, NAR chief economist. As a result, housing inventory has begun to creep up. More specifically, total existing-home sales dropped 1.2 percent to a seasonally adjusted annual rate of 5.08 million in June, a number that represents a 15.2 percent increase from this time last year (4.41 million). have increased for seven consecutive months in a year-over-year comparison. According to statistics released by the National Association of Realtors (NAR), the average prices of homes in the U.S.
Despite a recent decline in June home sales, the housing sector is currently in a better position than it has been over the last two years.
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