This morning's release of the June Existing-Home Sales decreased from the previous month to a seasonally adjusted annual rate of 5.38 million units. The Investing.com consensus was for 5.46 million. The latest number represents a 0.6% decrease from the previous month and a 2.2% decrease year-over-year.

Here is an excerpt from today's report from the National Association of Realtors.

Lawrence Yun, NAR chief economist, says closings inched backwards in June and fell 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,” he said. “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.” [Full Report]

For a longer-term perspective, here is a snapshot of the data series, which comes from the National Association of Realtors. The data since January 1999 was previously available in the St. Louis Fed's FRED repository and is now only available from January 2018. It can be found here.

Existing Home Sales

Over this time frame, we clearly see the Real Estate Bubble, which peaked in 2005 and then fell dramatically. Sales were volatile for the first year or so following the Great Recession.

The Population-Adjusted Reality

Now let's examine the data with a simple population adjustment. The Census Bureau's mid-month population estimates show an 18.1% increase in the US population since the turn of the century. The snapshot below is an overlay of the NAR's annualized estimates with a population-adjusted version.

Existing Home Sales Growth

Existing-home sales are 2.9% above the NAR's January 2000 estimate. The population-adjusted version is 11.9% below the turn-of-the-century sales.

Existing-Home Sales Median Prices for Single Family Homes

We've added a chart for the last 12 months of Existing-home sales median prices for single-family homes for reference.

The next release of existing home sales will be on August 22.