June existing-home sales drop 5.4% to 4.37 million - MarketWatch
Sales of existing homes in June fell 5.4%, a decline that goes against
the grain of more positive indicators from the housing market and one a
trade group on Thursday blamed on foreclosure delays and tough mortgage
availability. The National Association of Realtors said June sales were
at a seasonally-adjusted annual rate of 4.37 million, vs. an upwardly
revised 4.62 million in May. Economists polled by MarketWatch had
anticipated a 4.65 million annual rate. Year-over-year, sales rose 4.5%,
the 12th straight year-on-year gain. The NAR initially reported a 4.55
million rate for May. Inventories fell 3.2% to 2.39 million units. That
corresponds to 6.6 months of supply at current sales rate, up from 6.4
months in May. Median prices jumped for a third month, rising 7.9% from
year-ago levels to $189,400. This is due to the mix of homes being sold,
rather than re-sale price. CoreLogic, for instance, reported that
re-sale prices were up 2% year-on-year
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