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Sky-High Home Prices Shatter Ceiling Again

Ongoing inventory shortages helped to push the median sale price for existing homes to another all-time high in June, the National Association of REALTORS® reports. Home prices have surged 5.2 percent since a year ago. This dynamic is keeping home price growth elevated, pricing out would-be buyers and ultimately slowing sales.” Here’s a closer look at key indicators from NAR’s June housing report: Inventory: Total housing inventory rose 4.3 percent to 1.95 million existing homes available for sale, which is 0.5 percent higher than a year ago. Days on the market: Fifty-eight percent of homes sold in June were on the market less than a month. “It’s important to note that despite the modest year-over-year rise in inventory, the current level is far from what’s needed to satisfy demand levels,” Yun says. “Furthermore, it remains to be seen if this modest increase will stick given the fact that the robust economy is bringing more interested buyers into the market and new-home construction is failing to keep up.” First-time buyers: First-time buyers comprised 31 percent of sales, down from 32 percent a year ago. All-cash sales: All-cash transactions made up 22 percent of transactions, up from 18 percent a year ago. Investors comprised 13 percent of home sales in June, unchanged from a year ago. Distressed sales: Foreclosures and short sales made up 3 percent of sales, the lowest since NAR began tracking such data in October 2008. Distressed sales are down 4 percent from a year ago.