Quikrete Industry Dashboard
Existing home fell below the 4 million pace for the first time since December 2023.
The National Realtors Association reported that June existing home sales came it at a seasonally adjusted rate of 3.89 million, down from 4.11 million in May.
“We’re seeing a slow shift from a seller’s market to a buyer’s market,” said NAR Chief Economist Lawrence Yun. “Homes are sitting on the market a bit longer, and sellers are receiving fewer offers. More buyers are insisting on home inspections and appraisals, and inventory is definitively rising on a national basis.”
Meanwhile, the NAR reported median existing-home price or all housing types in June was $426,900, an all-time high and an increase of 4.1% from one year ago ($410,100). All four U.S. regions registered price gains.
Elsewhere on the Quikrete Industry Dashboard, gas prices rose a nickel, according to the American Automobile Association’s tally. The national average price for a gallon of regular stands at $3.52.
A year ago, the same gallon of regular gas had a price tag of $3.64.
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Coming next: The New York-based economic think tank The Conference Board will release the closely watched Consumer Confidence Index on July 30. Currently, the index stands at 100.4 (1985=100).
