7/21/2023 – MetroIntelligence Economic Update by P. DUFFY
MetroIntelligence Economic Update by P. DUFFY
Existing home sales drop 3.3 percent in June, but prices rebound due to low inventory
Existing-home sales dropped 3.3% in June to a seasonally adjusted annual rate of 4.16 million. Sales trailed off by 18.9% from one year ago. At $410,200, although the median existing-home sales price for June fell 0.9% year-on-year, it was the second-highest price ever recorded and was the third time the monthly median sales price eclipsed $400,000. At 1.08 million at the end of June, the inventory of unsold existing homes was unchanged from the previous month, or the equivalent of 3.1 months’ supply at the current monthly sales pace.
Building permits fall 3.7 percent in June and 15.3 percent year-on-year
Privately‐owned housing units authorized by building permits in June were at a seasonally adjusted annual rate of 1.44 million, down 3.7% from May and 15.3% year-on-year. Single‐family authorizations in June were at a rate of 922,000; this is 2.2 percent above the revised
May figure of 902,000. Authorizations of units in buildings with five units or more were at a rate of 467,000 in June.
https://www.census.gov/construction/nrc/pdf/newresconst.pdf
Housing starts down 8.0 percent in June and 8.1 percent year-on-year
Privately‐owned housing starts in June were at a seasonally adjusted annual rate of 1.43 million, down 8.0% from May and 8.1% year-on-year. Single‐family housing starts in June were at a rate of 935,000; this is 7.0 percent below the revised May figure of 1,005,000. The June rate for units in buildings with five units or more was 482,000.