Inventory jumped 23.4% from a year ago to 1.32 million units at the end of June, coming off record lows but still just a 4.1-month supply.Patchogue, N.Y.: A For Sale sign hangs in front of a house in Patchogue, New York, on June 1, 2024.Sales of previously owned homes dropped 5.4% in June compared with May, to 3.89 million units on a seasonally adjusted, annualized basis, according to the National Association of Realtors. Sales were also 5.4% lower than June of last year.
Inventory jumped 23.4% from a year ago to 1.32 million units at the end of June, coming off record lows but still just a 4.1-month supply. A 6-month supply is considered balanced between buyer and seller. Sales of homes priced over $1 million was the only price category seeing gains over last year, while the biggest drop in sales was in the $250,000 and lower range.