Economy: Existing Home Sales During June 2020

The Existing Home Sales report for June 2020 was released by The National Association of Realtors® (NAR®) this morning:

Predicted: 4,500,000
Actual: 4,720,000

Change from Previous Month: +20.716% (+810,000 homes)
Change from One Year Previous: -11.278% (-600,000 homes)

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Inventory: 1,570,000 (4.0 months supply)

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The yellow-highlighted, "actual" figure above represents the preliminary, seasonally adjusted annualized sales count of existing homes, co-ops and condominiums for the indicated month. The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

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Median Price for A Used Home During June 2020: $295,300

Change from One Year Previous: +3.469% (+$9,900)

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Average Price for A Used Home During June 2020: $329,900

Change from One Year Previous: +2.645% (+$8,500)

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Click here for historical prices and a chart.

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From Today's Report:

"...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 ongoing pandemic, according to the National Association of Realtors®. Each of the four major regions achieved month-over-month growth, with the West experiencing the greatest sales recovery.

'The sales recovery is strong, as buyers were eager to purchase homes and properties that they had been eyeing during the shutdown,' said Lawrence Yun, NAR’s chief economist. '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 in June was $295,300, up 3.5% from June 2019 ($285,400), as prices rose in every region. June’s national price increase marks 100 straight months of year-over-year gains.

'Home prices rose during the lockdown and could rise even further due to heavy buyer competition and a significant shortage of supply.'

'It’s inspiring to see Realtors® absorb the shock and unprecedented challenges of the virus-induced shutdowns and bounce back in this manner,' said NAR President Vince Malta, broker at Malta & Co., Inc., in San Francisco, Calif. 'NAR and our 1.4 million members will continue to tirelessly work to facilitate our nation’s economic recovery as we all adjust to this new normal.'..."