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Existing Home Sales Jump 1.4% Amid a Rise in Housing Inventory in June

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Real estate agent with house model and keys

Sales of existing homes in the US rose 1.4% in June from May bringing the annual rate to 5.86 million units.

Source: National Association of Realtors

SPDR Homebuilders ETF is down -0.95%

Housing sales went up 22.9% year-over-year compared to 4.77 million in June last year.

The housing inventory amounted to 1.25 million units at the end of June, up 3% from May, but lower than 1.54 million units in the comparable period last year.

The median existing-home sale price was $363,300 in June, a rise of 23.4% compared to $294,400 last year.

Distressed sales were less than 1% of June sales, same as May, but down from 3% in June last year.

First-time buyers accounted for 31% of sales in June, same as May, but down compared to 35% in June last year.

Second-home buyers accounted for 14% of purchases in June, a drop from 17% in May, and up compared to 9% recorded in June 2020.

The jump in house sales happened even as the fixed-rate mortgage rose to 2.98% in June, from 2.96% in May.

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