WASHINGTON (July 23, 2019) – Existing-home sales weakened in June, as total sales saw a small decline after a previous month of gains, according to the National Association of Realtors®. While two of the four major U.S. regions recorded minor sales jumps, the other two – the South and the West – experienced greater declines last month.
Total existing-home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, dropped 1.7% from May to a seasonally adjusted annual rate of 5.27 million in June. Sales as a whole are down 2.2% from a year ago (5.39 million in June 2018).
Living outside Orlando I know the New Home market is very strong in checking locally 397 New Home Communities with 3,502 New Homes and 1,008 Quick Move-in. After reading the NAR announcement I wanted to see what June looked like for New Home sales nationwide. Here is what I found:
New Home Sales
Sales of new single‐family houses in June 2019 were at a seasonally adjusted annual rate of 646,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 7.0 percent (±15.2 percent) * above the revised May rate of 604,000 and is 4.5 percent (±21.8 percent)* above the June 2018 estimate of 618,000.
Sales Price
The median sales price of new houses sold in June 2019 was $310,400. The average sales price was $368,600.
Doing some fussy math, I get 5,916,000 total homes sold in June. According to the National Association of Home Builders homebuyers are broken down into three categories, 46% who want to buy existing homes, 35% are classified as “indifferent” meaning new or existing and finally 19% who want a new home. Again, my math tells me 46% who want existing and 54% that want either new or would consider new.
If you are an agent, broker, association or a MLS and want to explore how to educate REALTORS® on where to start please let me know!
