While June home sales were lower than expected, they still represent a rebound after 4 consecutive months of decline. According to the National Association of Realtors (“NAR”), the number of existing home sales in June 2021 were 1.4% higher than May 2021, and 22.9% higher than June 2020; the median price of existing homes also increased by 23.4% ($363,300) compared to June 2020.
Additionally, June 2021 saw a 3.3% increase in housing inventory, raising unsold inventory to a 2.6-month supply, while the time on market metric remained the same, 17 days, between May 2021, and June 2021. While economists are split on the future of the market, most agree that affordability will remain a significant factor.
At the Chernov Team we understand that knowledge is power, and knowledge of how the housing market is performing is powerful knowledge indeed. At the Chernov Team we know that whoever comes to the table most prepared leaves with the most, and the Chernov Team always leaves the table with the most.
Housing Market Rebounds Slightly in June 2021 as Existing Home Sales Increase by 1.4%
