San Francisco

U.S. existing-home sales declined for the third consecutive month, as higher mortgage rates and rising sales prices hindered market activity during what has traditionally been one of the busiest months of the year. According to the National Association of REALTORS® (NAR), sales of previously owned homes dipped 0.7% month-over-month and 2.8% year-over-year, to a seasonally adjusted annual rate of 4.11 million units.

New Listings were down 9.2 percent for single family homes and 6.7 percent for Condo/TIC/Coop properties. Pending Sales increased 12.4 percent for single family homes and 19.1 percent for Condo/TIC/Coop properties.

The Median Sales Price was up 2.5 percent to $1,640,500 for single family homes but decreased 1.6 percent to $1,100,000 for Condo/TIC/Coop properties. Months Supply of Inventory decreased 20.0 percent for single family units but was up 7.5 percent for Condo/TIC/Coop units.

Nationally, total housing inventory grew 6.7% month-over-month to 1.28 million units heading into June, for a 3.7 months’ supply at the current sales pace, according to NAR. However, the increase in supply has yet to temper home prices, which have continued to rise nationwide. At last measure, the median existing-home price climbed to $419,300, a 5.8% increase from the same period last year and a record high for the month.