Existing home sales in the South have fallen to an eight-month low, reflecting the ongoing challenges posed by higher interest rates and limited housing inventory, according to the latest data from the National Association of Realtors (NAR).
- Existing-home sales in the South dropped to a seasonally adjusted annual rate of 1.76 million in June. This marks a 5.9% decrease from May and the lowest level since October 2023.
Prices Rise: Despite the decline in sales, the median home price in the South rose to a record $373,000 in June, up 0.6% from the previous month and 1.7% from the same time last year. This increase highlights the persistent demand for homes in the region, even as the number of transactions dwindles.
Leading The Nation: Despite the drop ins ales, existing-home sales in the South continue to lead all four regions. The South accounted for a substantial 45.2% of all existing-home sales in the United States. This significant proportion underscores the importance of the Southern housing market to the national real estate landscape.
What They’re Saying: Lawrence Yun, NAR Chief Economist, commented on the current market dynamics, noting a gradual transition from a seller’s market to a buyer’s market. “We’re seeing a slow shift from a seller’s market to a buyer’s market,” Yun said. “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.”
