Existing-home sales in June were at a seasonally adjusted annual rate of 5.52 million, a 1.8 percent slip from May’s rate of 5.62 million, according to the National Association of Realtors.
Existing-home sales in June were at a seasonally adjusted annual rate of 5.52 million, a 1.8 percent slip from May’s rate of 5.62 million, according to the National Association of Realtors.
June’s rate is 0.7 percent above June 2016’s rate of 5.45 million, but it’s the second-slowest rate in 2017, the NAR said in a statement.
“Closings were down in most of the country last month because interested buyers are being tripped up by supply that remains stuck at a meager level and price growth that’s straining their budget,” said NAR Chief Economist Lawrence Yun in a statement. “The demand for buying a home is as strong as it has been since before the Great Recession.”
Existing-home sales in the Northeast fell 2.6 percent to an annual rate of 760,000. In the Midwest, existing-home sales rose 3.1 percent to a rate of 1.32 million. Sales decreased 4.7 percent in the South to a rate of 2.23 million, and they dipped 0.8 percent in the West to a rate of 1.21 million.
The median existing-home price in June was $263,800, an increase of 6.5 percent from the median price in June 2016 of $247,600.