by Calculated Risk on 7/23/2025 10:00:00 AM
From the NAR: NAR Existing-Home Sales Report Shows 2.7% Decrease in June
Existing-home sales decreased by 2.7% in June, according to the National Association of REALTORS® Existing-Home Sales Report. …
Month-over-month sales declined in the Northeast, Midwest and South and rose modestly in the West. Year-over-year, sales fell in the Northeast and West, while rising in the Midwest and South. …
• 2.7% decrease in existing-home sales — seasonally adjusted annual rate of 3.93 million in June.
• Year-over-year: No change in existing-home sales.
• 0.6% decline in unsold inventory — 1.53 million units equal to 4.7 months’ supply.
emphasis added
Click on graph for larger image.
This graph shows existing home sales, on a Seasonally Adjusted Annual Rate (SAAR) basis since 1994.
Sales in June (3.93 million SAAR) were down 2.7% from the previous month and were unchanged compared to the June 2024 sales rate. This was the 5th consecutive month with sales unchanged or down year-over-year.
According to the NAR, inventory decreased to 1.53 million in June from 1.54 million the previous month.
The last graph shows the year-over-year (YoY) change in reported existing home inventory and months-of-supply. Since inventory is not seasonally adjusted, it really helps to look at the YoY change. Note: Months-of-supply is based on the seasonally adjusted sales and not seasonally adjusted inventory.
Inventory was up 15.9% year-over-year (blue) in June compared to June 2024.
Months of supply (red) increased to 4.7 months in June from 4.6 months the previous month.
As expected, the sales rate was below the consensus forecast. I’ll have more later.
