Existing-home sales fell 0.8 percent in June, according to the National Association of Realtors. The latest figures prompted MSNBC to conclude that existing-home sales are on track for the worst year since the housing bust.
Existing-home sales fell 0.8 percent in June, according to the National Association of Realtors. The latest figures prompted MSNBC to conclude that existing-home sales are on track for the worst year since the housing bust.
The decrease put June sales at an annual rate of 4.77 million, down from 4.81 million in May. Since June 2010-the scheduled deadline for the home buyer tax credit-sales have fallen 8.8 percent from 5.23 million.
Single-family home sales were unchanged in June at an annual rate of 4.24 million, but are 7.4 percent below a 4.58 million pace in June 2010. The median existing single-family home price was $184,600 in June, up 0.6 percent from a year ago.
"Home sales had been trending up without a tax stimulus, but a variety of issues are weighing on the market including an unusual spike in contract cancellations in the past month," said Lawrence Yun, NAR chief economist.
NAR President Ron Phipps said home sales should be higher. "With record high housing affordability conditions thus far in 2011, we'd normally expect to see stronger home sales," he said. "Even with job creation below expectations, excessively tight loan standards are keeping many buyers from completing deals."
