Unlike other parts of the country, existing home sales grew by 2.0% in the Northeast from May.
While existing home sales are slightly higher in June vs. May, it’s not the whole story. Overall, existing home sales are down 21.5% from June 2022.
Despite low sales numbers, the median price of a home in the Northeast is up 4.9% from last year, according to the National Association of Realtors.
“Home sales fell but home prices have held firm in most parts of the country,” NAR Chief Economist Lawrence Yun said. “The national median home price in June was slightly less than the record high of nearly $414,000 in June of last year. Limited supply is still leading to multiple-offer situations, with one-third of homes getting sold above the list price in the latest month.”
Yun went on to say, “There are simply not enough homes for sale, the market can easily absorb a doubling of inventory.”
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