Keeping you up to date on the latest data releases.
- Existing Home Sales
Existing single-family home sales fell 5.6 percent in June to an annual sales pace of 4.7 million units, but sit 8.5 percent higher than the 4.53 million-unit pace in June 2009. The median home price was $184,200 in June, up 1.3 percent over the last year, with ten out of the nineteen reported metropolitan statistical areas observing year-over-year price growth. June’s slowdown in sales was accompanied by a 4.3 percent increase in the inventory of existing single-family homes on the market, causing months’ supply to rise from 7.8 to 8.7 months at the current sales pace, its highest since August 2009. National Association of Realtors chief economist, Lawrence Yun, attributed the recent large swings in home sales to buyers’ responses to the tax credit extensions and cutoff. “Broadly speaking,” he commented, “sales closed after the home buyer tax credit will be significantly lower compared to the credit-induced spring surge. Only when jobs are created at a sufficient pace will home sales return to sustainable healthy levels.”