Market Update: Is it a buyer's market? No quite yet.
Here’s a closer look at additional key housing indicators from NAR’s report on existing-home sales in June:
Housing inventories: Total housing inventory at the end of the month was 1.26 million units, up 9.6% month over month and 2.4% year over year. Unsold inventory was at a three-month supply.
Days on the market: Eighty-eight percent of homes sold were on the market for less than a month. Properties typically remained on the market for 14 days, which marks the shortest duration on record, according to NAR. That’s down from 16 days in May and 17 days in June 2021.
First-time home buyers: This cohort comprised 30% of sales, down from 31% a year ago.
All-cash sales: All-cash sales accounted for 25% of existing-home sales transactions, up from 23% in June 2021. Individual investors and second-home buyers, who comprise the largest share of cash sales, made up 16% of overall sales, up from 14% a year earlier.
Distressed sales: Foreclosures and short sales continued to make up a very small percentage of home sales—less than 1%, unchanged from June 2021.
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