Existing-home sales rebounded in June from the previous month in all four regions of the country tracked by the National Association of Realtors.
All transactions, which include single-family homes, townhomes, condominiums and co-ops, were up 20.7% to a seasonally-adjusted annual rate of 4.72 million sales in June. That’s down 11.3 from the 5.32 million in June 2019.
“The sales recovery is strong, as buyers were eager to purchase homes and properties that they had been eyeing during the shutdown,” NAR Chief Economist Lawrence Yun said in a press release. “This revitalization looks to be sustainable for many months ahead as long as mortgage rates remain low and job gains continue.”
The median price for all housing types was $295,300, up 3.5% from the same time last year. Housing inventory was up 1.3% for the month but down 18.2% from June 2019. There was a 4.0-month supply in June, down from 4.8 the previous month and down from a 4.3-month’s supply in June 2019.
“Home prices rose during the lockdown and could rise even further due to heavy buyer competition and a significant shortage of supply,” Yun said.
About 35% of the sales were due to first-time buyers, up slightly from 34% the previous month and equal to June of 2019.
In a reversal from the previous month, existing-home sales in the South were up 26% in June to 2.18 million, but down slightly by 4% from the same time last year. The median price was up 4.4% from a year ago to $258,500.