Sales of existing homes rise slightly as more listings finally hit the market!
After four straight months of declines, sales of previously owned homes rose 1.4% in June month to month to a seasonally adjust annualized rate of 5.86 million units, according to the National Association of Realtors.
These sales represent closings, so they are based on contracts signed in April and May.
Sales were 22.9% higher compared with June 2020. That annual comparison, according to the Realtors, is still slightly skewed due to Covid pandemic lockdowns in certain parts of the country that lasted into summer last year.
The inventory of homes for sale at the end of June was 1.25 million, representing a 2.6-month supply at the current sales pace. That is a slight improvement from May’s 2.5-month supply.
“We may have turned a corner on inventory,” said Lawrence Yun, NAR’s chief economist. “There is some softening in the demand.” Diane Olick, CNBC July 22, 2021.