Monday, July 22, 2013

Existing Home Sale Drop 1.2% in June

According to the National Association of Realtors, existing home sales decline 1.2% in June, to an annual pace of 5.08 million units. May’s pace was revised down as well. June’s report is above the 5 million sales pace mark and stronger then the pace seen in several years.

The Midwest was the only region that showed no decline in June from the previous month, remaining stagnant. The Northwest, West and South decreased 1.6%, 1.6% and 1.5% respectively.

Housing inventory increased in June, rising 1.9% to 5.2 months. However, the 5.2 months of supply remain well below the 6-month mark that indicates a balanced market and 8% lower than year ago levels.

The national median existing-home price was $214,200 in June, up 13.5% from a year ago. This represents the 7th straight month of double digit increases.

Read the NAR release.

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