There’s no question it’s been a long road to recovery for the housing market since the downturn.
Backed by an improving economy and labor market that’s shifted into a higher gear over the past year, home sales have finally picked up and reached a pace not seen in over eight years.
This week’s release of June existing-home sales contained several additional “milestones.” Some of these were good. Others – like median days on market – will need to improve to keep the housing market healthy in the long-term.
Here’s a recap:
1. June existing-sales: highest pace (5.49 million) since February 2007 (5.79 million)
2. Median prices (all housing types): $236,400 – surpasses all-time high set in July 2006 ($230,400)
3. Sales in all major regions have now risen year-over-year for six consecutive months
4. June median days on market: 34 days – lowest since NAR began tracking in May 2011
5. 47% of homes sold in June were on the market less than one month – highest percentage since June 2013 (also 47 percent)
6. All-cash sales: 22% of transactions, matching the lowest share since December 2009
7. Single-family median price: $237,700 – surpassed peak set in July 2006 ($230,900)
8. Condo sales: 650,000 units – highest pace since May 2007 (680,000)
9. Condo median price: $226,500 – highest since August 2007 ($229,200)