San Francisco

U.S. existing-home sales edged up 0.8% month-over-month to a seasonally adjusted annual rate of 4.03 million units, exceeding economists’ expectations, although sales were down 0.7% year-over-year, according to the National Association of REALTORS® (NAR). On a monthly basis, sales increased in the Midwest, Northeast, and South but decreased in the West.

New Listings were up 2.0 percent for single family homes but decreased 7.8 percent for Condo/TIC/Coop properties. Pending Sales increased 4.8 percent for single family homes and 31.1 percent for Condo/TIC/Coop properties.

The Median Sales Price was up 4.4 percent to $1,702,500 for single family homes and 7.1 percent to $1,177,500 for Condo/TIC/Coop properties. Months Supply of Inventory decreased 11.1 percent for single family units and 25.0 percent for Condo/TIC/Coop units.

Heading into June, there were 1.54 million units for sale across the country, a 6.2% increase from the previous month and a 20.3% improvement over the same period last year, representing a 4.6-month supply at the current sales pace, according to NAR. Despite the additional supply, home prices have continued to rise nationwide, albeit at a slower pace than during the pandemic, climbing 1.3% year-over-year to $422,800 as of last measure.