While I will be getting into June results for Manatee and Sarasota counties soon, I thought it would be good to start with an update on the U.S. overall. The information below is from the National Association of Realtors.
Single-family home sales declined to a seasonally adjusted annual rate of 4.57 million in June, down 4.8% from 4.80 million in May and down 12.8% from one year ago. The median existing single-family home price was $423,300 in June, up 13.3% from June 2021.
Existing condominium and co-op sales were recorded at a seasonally adjusted annual rate of 550,000 units in June, down 9.8% from May and down 24.7% from one year ago. The median existing condo price was $354,900 in June, an annual increase of 11.5%.
While the continued upward trend in prices is good for sellers across the country, the picture is getting murkier. As sales velocity decreases, bargaining power is continuing to shift towards buyers. As you will see in the local data over the coming days, we are still heading towards market balance. The days of sellers holding all the cards are now in squarely in the rearview mirror.