Total existing-home sales in June declined 5.4% to a seasonally adjusted annual rate of 4.37 million from an upwardly revised 4.62 million in May, according to new data from the National Association of Realtors (NAR). However, last month's sales were 4.5% higher than the 4.18 million-unit level in June 2011.
Single-family home sales declined 5.1% to a seasonally adjusted annual rate of 3.90 million in June from 4.11 million in May, but were 4.8% above the 3.72 million-unit pace in June 2011. The median existing single-family home price was $190,100 in June, up 8% from a year ago.
Distressed homes accounted for 25% of June sales – 13% were foreclosures and 12% were short sales. This is unchanged from May but down from 30% in June 2011.Â
Foreclosures sold for an average discount of 18% below market value in June, while short sales were discounted 15%.
First-time buyers accounted for 32% of purchasers in June, compared with 34% in May and 31% in June 2011. All-cash sales edged up to 29% of transactions in June from 28% in May; they were 29% in June 2011. Investors, who account for the bulk of cash sales, purchased 19% of homes in June, up from 17% in May; they were 19% in June 2011.
The national median existing-home price for all housing types was $189,400 in June, up 7.9% from a year ago. This marks four back-to-back monthly price increases from a year earlier, which last occurred from February 2006 to May 2006. June's gain was the strongest since February 2006, when the median price rose 8.7% from a year prior.
The total housing inventory at the end of June fell another 3.2% to 2.39 million existing homes available for sale, representing a 6.6-month supply at the current sales pace, up from a 6.4-month supply in May. Listed inventory is 24.4% below a year ago, when there was a 9.1-month supply.