Existing-home sales-including single-family homes, townhomes, condominiums and co-ops-declined 5.4 percent to a seasonally adjusted annual rate of 4.37 million in June from an upwardly revised 4.62 million in May, according to figures released Thursday by the National Association of Realtors. Even with the decline, sales are 4.5 percent higher than the 4.18 million-unit level in June 2011.
Existing-home sales-including single-family homes, townhomes, condominiums and co-ops-declined 5.4 percent to a seasonally adjusted annual rate of 4.37 million in June from an upwardly revised 4.62 million in May, according to figures released Thursday by the National Association of Realtors. Even with the decline, sales are 4.5 percent higher than the 4.18 million-unit level in June 2011.
Specifically, single-family home sales declined 5.1 percent to a seasonally adjusted annual rate of 3.90 million in June from 4.11 million in May. The latest tally for single-family units is 4.8 percent above the 3.72 million-unit pace in June 2011, and the median existing single-family home price was $190,100 in June, up 8.0 percent from a year ago.
"Despite the frictions related to obtaining mortgages, buyer interest remains solid. But inventory continues to shrink and that is limiting buying opportunities," said Lawrence Yun, NAR chief economist. "This, in turn, is pushing up home prices in many markets," he said. "The price improvement also results from fewer distressed homes in the sales mix."
"Buyer traffic has virtually doubled from last fall, while seller traffic has risen only modestly," added NAR President Moe Veissi. "The very favorable market conditions are helping to unleash a pent-up demand, which is why housing supplies have tightened and are supporting growth in home prices. Nonetheless, incorrectly priced homes will not attract buyers."