The average price of a home in the US rose to $276,000 last month
Home sale closings declined last month as the median sales price for a home reached an all-time high.
June is usually the most active month for home sales. However, closings in June 2019 dropped 4.7% from May and 7.8% from the same time last year, according to the latest RE/MAX national housing report. Meanwhile, the median selling price of an average US home rose to $276,000 last month.
June’s sales price record was 6.7% higher than the $259,000 recorded in the same period a year ago. Additionally, homes for sale stayed an average of 44 days on the market in June 2019, which was three days less than May but three days longer than the year prior.
“Record prices appear to have kept June sales figures from topping a strong May,” said RE/MAX Chief Executive Officer Adam Contos. “The jump in sales price after months of moderation is worth watching for its impact on affordability. “Nevertheless, there are indications, including the return of very favorable mortgage rates, that the pace could pick up in July. “Several encouraging longer-term trends — ongoing demand, improving inventory levels, low-interest rates — are helping the market make incremental progress on multiple fronts. But supply remains a concern, so we need more homes to be built.”
