Existing-home sales data show that housing market activity this June increased 1.4% from May 2021 and 22.9% from June 2020, with existing-home sales reaching a 5.86 million seasonally adjusted annual rate.
Price appreciation is occurring in the market at unprecedented levels, with a 24% increase in the median home price from one year ago. Home sales declined for the fourth consecutive month by 1%, while up 45% from one year ago. Record-high home prices and lack of inventory are both limiting potential home sales.
The apartment market is booming. Based on NAR's analysis of CoStar market data in 138 markets1, net absorption (change in number of occupied units) rose by 207,035 units in 2021 Q2 from the prior quarter.