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June Existing-Home Sales Fall, But Remain Above Year-Ago Levels
Existing home sales dropped 5.1 percent in June to a seasonally adjusted annual rate of 5.37 million units from 5.66 million in May, but they were 9.8 percent higher than the 4.89 million units sold in June 2009, according to NAR. The national median existing-home sale price for all housing types was $183,700 in June, up 1.0 percent from a year ago.
NAR chief economist Lawrence Yun says the market shows uncharacteristic yet understandable swigns as buyers responded to the tax credit. “Broadly speaking, sales closed after the homebuyer tax credit will be significantly lower compared to the credit-induced spring splurge. Only when jobs are created at a sufficient pace will home sales return to sustainable healthy levels.
Total housing inventory rose 2.5 percent at the end of June to 3.99 million existing homes for sale, representing 8.9 month supply at the current sales pace, up from 8.3 month supply in May. Distressed homes accounted for 32 percent of all sales in June.
Existing-home sales in the Northeast rose in June, while they fell in the other three regions. Sales climbed 7.9 percent in the Northeast to 960,000 and were 17.1 percent higher than June 2009. The median sale price in the Northeast was $244,300 in June, a decline of 1.2 percent from a year ago.
In the Midwest, sales dropped 7.5 percent to 1.23 million, but were 11.8 percent higher than a year ago. The median sale price of an existing home in the Midwest in June was $155,900, slipping 0.1 percent from June 2009.
Existing-home sales in the South fell 6.5 percent to 2.01 million during the month, but were 11.0 percent higher than June 2009. The median sale price in the South was $163,600, unchanged from a year ago.
In the West, existing-home sales dropped 9.3 percent to 1.17 million in June, but they were 0.9 percent higher than a year ago. The median sale price in the West was $221,800, up 1.5 percent from a year ago.
Thu, Jul 22, 2010
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Dan Newell, CRS
William E Wood & Associates
Newport News, VA
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What kind of activity do you see from first-time homebuyers now that the tax credit has expired?
Buyers are reluctant to purchase anything at this point, though they are still looking.
1 votes ( 25.00 %)
| Buyers are still shopping and making purchases, undeterred by tax credit expiration.
votes ( 0.00 %)
| Buyer activity has slowed considerably.
3 votes ( 75.00 %)
|
Total Responses 4
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