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Home prices hit another record high in June

July 22, 2021. Summarized by summa-bot.

Compression ratio: 52.4%. 1 min read.

Single-family homes are seen in this aerial photograph taken over a Lennar Corp. development in San Diego, California, U.S., on Tuesday, Sept. 1, 2020. U.S. sales of previously owned homes surged by the most on record in July as lower mortgage rates continued to power a residential real estate market thats proving a key source of strength for the economic recovery. Photographer: Bing Guan/Bloomberg via Getty Images

Home sales inched slightly higher in June as the inventory of available homes to buy increased, but home prices still remained on a tear, according to a report from the National Association of Realtors.

Home sales inched slightly higher in June as the inventory of available homes to buy increased, but home prices still remained on a tear, according to a report from the National Association of Realtors.

The median price for an existing home in June hit an all-time high of $363,300, up 23% over last year.

Home sales were up 23% from a year ago -- although that comparison is skewed because some regions of the US were still shut down in June of last year due to the pandemic.

"Supply has modestly improved in recent months due to more housing starts and existing homeowners listing their homes, all of which has resulted in an uptick in sales," said Lawrence Yun, NAR's chief economist.

At the end of June there were 1. 25 million homes for sale, up 3. 3% from May's inventory and down 18. 8% from one year ago.

"At a broad level, home prices are in no danger of a decline due to tight inventory conditions, but I do expect prices to appreciate at a slower pace by the end of the year," Yun said.

Sales of homes priced between $100,000 and $250,000 dropped by 16% from last year, but sales of homes priced between $750,000 to $1 million were up 119%, and sales over $1 million were up 147%.

"Huge wealth gains from both housing equity and the stock market have nudged up all-cash transactions, but first-time buyers who need mortgage financing are being uniquely challenged with record-high home prices and low inventory," Yun said.

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