The dream of many American families of owning a home is getting further out of reach in Biden’s America, even while the sales of the most expensive homes continue to climb.
The median U.S. home price is up 23.4 percent from a year ago to a record $363,300, the National Association of Realtors said Thursday. Sales of homes priced over $1 million were up 146.7 percent compared with a year ago.
At the end of June, the inventory of unsold homes stood at just 1.25 million homes for sale, down 18.8 percent from a year ago. At the current sales pace, that amounts to a 2.6 months’ supply, the NAR said. While still very low it indicates that supply is no longer contracting.
“Supply has modestly improved in recent months due to more housing starts and existing homeowners listing their homes, all of which has resulted in an uptick in sales,” said Lawrence Yun, NAR’s chief economist. “Home sales continue to run at a pace above the rate seen before the pandemic.”
And sales of single-family U.S. homes rose 1.4 percent last month from May to a seasonally-adjusted annual rate of 5.14 million. Compared with a year ago, sales of single family homes were up 24.4 percent. The median existing single-family home price was $370,600 in June, up 24.4 percent from June 2020. – READ MORE
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