Wednesday, August 21, 2013

Existing Home Sales Rose 6.5% in July

According to the National Association of Realtors, existing home sales improved 6.5% in July to an annual pace of 5.39 million units. Existing home sales are at their highest rate in at least two years, well surpassing the 6-month average. Notably, sales of existing single-family homes grew 6.3%, reaching their highest level since the expiration of the homebuyer tax credit.

All four regions showed an improvement of at least 5.0% from the previous month. The northwest improved the most at 12.7% from the previous month levels. The south grew 5.0%, while still impressive, was the slowest growth region. The Midwest and west improved 5.8% and 6.6% respectively.

Housing inventory remained the same from June’s revised inventory of 5.1 months. The months of supply remain well below the 6-month mark that indicates a balanced market and 5% below year ago levels.

The national median existing-home price was $213,500 in June, up 13.7% from a year ago, but below June’s revised median home price of $214,000. After 7 straight months of double digit increases, this is the first month of decline.

Read the NAR release.

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