June Home Sales: A Small Dip but Prices Keep Rising
Hey there! I wanted to take a moment to share some insights about the latest trends in home sales. In June, existing-home sales took a slight dip, dropping 2.4% from May after hitting a six-month high. However, don’t let that number fool you—it’s still 2.8% higher than where we were a year ago. This fluctuation is largely due to changes in mortgage rates, which continue to impact how buyers feel about affordability.
Interestingly, the overall supply of homes on the market hasn't changed much, with total inventory sitting at about 1.56 million units. While that's a slight decrease from May, it’s still up compared to last year. This means that even though fewer homes are selling, we’re not seeing a huge increase in available properties, which can keep prices on the rise.
Speaking of prices, the median home price reached a record high of $440,600, marking the 36th month in a row of price increases. On a positive note, wages are growing faster than home prices, which is helping improve affordability a bit. But keep in mind, if we don’t see more homes come onto the market soon, we could face rising prices again.
If you’re thinking about buying, selling, or refinancing, these market shifts can affect your decisions. Feel free to reach out to me so we can discuss your options and find the best strategy for you!
