Existing Home Sales Down Again Amid Limited Inventory


Existing home sales in June fell to the lowest level since January as limited inventory and fluctuating mortgage rates continued to weigh on homebuyers, according to the National Association of Realtors (NAR). 

Low resale inventory and strong demand pushed existing home prices to the highest level in a year and contributed to the recent increases in new home sales.

It takes 400 tons of aggregates to construct the average modern home, according to the National Stone, Sand & Gravel Association.

Total existing home sales, including single-family homes, townhomes, condominiums and co-ops, fell 3.3% to a seasonally adjusted annual rate of 4.16 million in June. On a year-over-year basis, sales were 18.9% lower than a year ago.

The first-time buyer share fell to 27% in June, down from 28% in May and 30% in June 2022. The June inventory level measure was unchanged at 1.08 million units but was down 1.25 million from a year ago.

At the current sales rate, June unsold inventory sits at a 3.1-months’ supply, up from 3.0-months last month and 2.9-months reading a year ago. This inventory level remains very low, compared to balanced market conditions (4.5- to 6-months’ supply), and illustrates the long-run need for more home construction.

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