U.S. existing-home sales rebound at record pace in June

​​​WASHINGTON​ – ​​Existing-home sales rebounded at a record pace in June, showing strong signs of a market turnaround after three straight months of sales declines caused by the pandemic.

According to the National Association of Realtors (NAR), total existing-home sales jumped 20.7 percent from May to a seasonally-adjusted annual rate of 4.72 million in June. 

Sales overall, however, dipped year over year, down 11.3 percent from a year ago (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," said NAR Chief Economist Lawrence Yun. "This revitalization looks to be sustainable for many months ahead as long as mortgage rates remain low and job gains continue."

The median existing-home price for all housing types was $295,300, up 3.5 percent from last year. June’s national price increase marks 100 straight months of year-over-year gains.

Total housing inventory totaled 1.57 million units, up 1.3 percent from May, but still down 18.2 percent from one year ago (1.92 million). 

Inventory sits at a four-month supply, down from June 2019. The Real Estate Center considers six to 6.5 months of inventory a balanced market. 

Properties typically remained on the market for 24 days, down from 27 days in June 2019. 

​Existing-home sales in the South—the region that includes Texas—jumped 26 percent to an annual rate of 2.18 million in June. The median price was $258,500, a 4.4 percent increase from a year ago.

The Real Estate Center has a wealth of economic information online for free.