Once total inventory levels reach 1.52-1.93 million, we will be in a much better place for housing. I have been talking about the range of inventory that I need to see to remove the ‘ savagely unhealthy’ housing market theme. The one positive aspect of this report is that inventory is rising, which every American should be rooting for, because what we have experienced since 2020 was a historical housing inflation event. And, the median existing-home sales price climbed 13.4% from one year ago to $416,000, a new record high. Sales were down 5.4% from May and 14.2% from one year ago. The National Association of Realtors reported that existing home sales fell last month while prices increased yearly.Īccording to NAR, existing-home sales declined for the fifth straight month to a seasonally adjusted annual rate of 5.12 million.
#Existing home inventory Patch#
This has been a concern of mine after the summer of 2020 as inventory levels were breaking all-time lows, facilitating unhealthy home price growth during a more prominent demographic patch in U.S. We still have the unhealthy dynamics of noticeable sales declines, but prices are still growing year over year. But, there is one bright spot - inventory is rising. The savagely unhealthy housing market is continuing as we get closer to August.
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