Note: June 2018 data below are the most recent from the National Association of Realtors
According to the most recent data from the National Association of Realtors® (June), sales of existing homes dropped for a third consecutive month in June. The South and West saw dips that outstripped sales advances in the Northeast and Midwest. Sales price hit a new all-time high due to the continuing supply and demand imbalance in most of the nation.
Total existing-home sales (completed transactions for single-family homes, townhomes, condominiums and co-ops), fell 0.6% to 5.38 million in June from 5.41 million in May. After last month’s decline, sales now sit 2.2% below a year ago.
NAR's chief economist, Lawrence Yun, indicated that closings slipped backwards in June and dropped on an annual basis for the fourth straight month. “There continues to be a mismatch since the spring between the growing level of homebuyer demand in most of the country in relation to the actual pace of home sales, which are declining,” Yun said. He added, “The root cause is without a doubt the severe housing shortage that is not releasing its grip on the nation’s housing market. What is for sale in most areas is going under contract very fast and in many cases, has multiple offers. This dynamic is keeping home price growth elevated, pricing out would-be buyers and ultimately slowing sales.”
The national median price for existing homes (all housing types) in June was $276,900, representing a new all-time high and up 5.2% from June 2017 ($263,300). June’s price increase marks the 76th consecutive month of year-over-year gains.
U.S. total housing inventory by June's end grew 4.3% to 1.95 million existing homes available for sale, and sits 0.5% above last year (1.94 million) – the first year-over-year increase since June 2015.
Properties typically stayed on the U.S. market for 26 days in June, unchanged from the last three months and down from 28 days a year ago. Fifty-eight percent of homes sold in June were on the market under a month.
The average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to 4.57% in June from 4.59% in May according to Freddie Mac. The average commitment rate for all 2017 was 3.99%
First-time buyers drove 31% of June's sales nationally, down from 32% a year ago. The annual share of first-time buyers in 2017 was 34%.
Before making an offer on a home in today's competitive housing market, it is more important than ever for home buyers get their financial house in order when applying for a loan. 
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