Low inventory slowed down home sales last month, as buyers faced fewer options and record-high real estate<\/a> prices, the National Association of REALTORS\u00ae reported Monday.<\/p>\n Regional Snapshot<\/strong><\/p>\n Here\u2019s a closer look at how existing-home sales fared across the country in June:<\/p>\n Source: National Association of REALTORS\u00ae<\/em><\/p>\n<\/blockquote>\n Total existing-home sales, which include completed transactions for single-family homes, townhomes, condos, and co-ops, fell 1.8 percent in June to a seasonally adjusted annual rate of 5.52 million. Nevertheless, the pace of sales rose a modest 0.7 percent compared to a year ago.<\/p>\n \u201cClosings were down in most of the country last month because interested buyers are being tripped up by supply that remains stuck at a meager level and price growth that\u2019s straining their budget,\u201d says NAR chief economist Lawrence Yun. \u201cThe demand for buying a home is as strong as it has been since before the Great Recession. Listings<\/a> in affordable price ranges continue to be scooped up rapidly, but the severe housing<\/a> shortages inflicting many markets are keeping a large segment of would-be buyers on the sidelines.\u201d<\/p>\n Here\u2019s a closer look at some of the top housing indicators in June from NAR\u2019s latest report:<\/p>\n Home prices: <\/strong>The median existing-home price for all housing types was $263,800, up 6.5 percent from a year ago. It\u2019s now the highest median price on record.<\/p>\n Inventories: <\/strong>The supply of existing homes available for sale dropped 0.5 percent to 1.96 million units. That\u2019s 7.1 percent lower than a year ago; unsold inventory is at a 4.3-month supply at the current sales pace.<\/p>\n Days on the market:<\/strong> Fifty-four percent of sold homes were on the market less than a month. Properties took an average of 28 days to sell, down from a timeline of 34 days a year ago. Short sales spent the longest amount of time on the market at 102 days, foreclosures<\/a> sold in 57 days, and nondistressed homes took a median of 27 days to sell.<\/p>\n All-cash sales: <\/strong>Cash transactions made up 18 percent of home sales, the lowest figure since 2009. Individual investors accounted for the biggest bulk of cash sales\u201413 percent\u2014unchanged from a year ago.<\/p>\n Distressed sales:<\/strong> Foreclosures and short sales made up 4 percent of sales, which matches the lowest share recorded last September since NAR began tracking such data in October 2008. Foreclosures comprised 3 percent of sales, while short sales made up 1 percent.\u00a0<\/p>\n First-time buyers:<\/strong> First-timers accounted for 32 percent of sales, down from 33 percent a year ago. \u201cIt\u2019s shaping up to be another year of below-average sales to first-time buyers despite a healthy economy that continues to create jobs,\u201d Yun says. \u201cWorsening supply and affordability conditions in many markets have unfortunately put a temporary hold on many aspiring buyers\u2019 dreams of owning a home this year.\u201d\u00a0\u00a0<\/p>\n Source: National Association of REALTORS\u00ae<\/em><\/p>\n<\/div>\n Realtors.org <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"\n
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