Keeping you up to date on the latest data releases.
- Existing Home Sales
According to the National Association of Realtors, NAR, sales of existing single-family homes were stagnant from May to June at a seasonally adjusted rate of 4.24 million units sold. While this represents a zero percent change from month to month, sales remain 7.4 percent below the 4.58 million units pace of June 2010. The inventory of single-family homes rose 5.9 percent in June to 3.31 million units available for sale, which represents a 9.5-month supply at the current sales pace. The median price of existing single-family homes rose 0.6 percent to $184,600 from this time last year. Regionally, the South and Midwest posted modest gains of 1.8 and 1.1 percent which were offset by declines of 1.9 and 3.5 percent in the West and Northwest, respectively. The general decline in all existing home sales has mainly been attributed at an unexpected spike in contract cancellations due to tight credit and low appraisals. Despite these constraints homes sales are expected to pick up in the remainder of the year as consumer uncertainty diminishes and more distressed homes become available.