Yesterday’s report from the National Association of REALTORS® shows that June was a slightly slower month compared to May, but overall the market showed strong signs of healthy activity.
Prices showed doubled-digit year-over-year increases for the seventh month in a row and while the number of sales decreased by 1.2% compared to May, they were 15.2% higher compared to June of last year. Housing inventory did inch up slightly, by 1.9%, to leave 2.19 million existing homes on the market. Forecasts suggest that the inventory shortage isn’t going to have a drastic turnaround any time soon, with June inventory measuring 7.6% lower than the same time frame of last year. The rest of the report covers the percentage of distressed sales, sales by homeowners that were formerly underwater, median time on market, and many other crucial housing numbers.