Existing-Home Sales Slow In June

Posted by Orb Staff on July 23, 2010 No Comments
Categories : Residential Mortgage

he scheduled closing deadline for the home buyer tax credits, existing-home sales slowed in June but remained at relatively elevated levels, according to the [link=http://www.realtor.org/press_room/news_releases/2010/07/ehs_june_above]National Association of Realtors[/link] (NAR). Existing-home sales fell 5.1% to a seasonally adjusted annual rate of 5.37 million units in June from 5.66 million in May but are 9.8% higher than the 4.89 million-unit pace in June 2009. ‘June home sales still reflect a tax credit impact with some sales not closed due to delays, which will show up in the next two months," explains Lawrence Yun, NAR's chief economist. "Broadly speaking, 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." The national median existing-home price for all housing types was $183,700 in June, which is 1% higher than a year ago. Distressed homes were at 32% of sales last month, compared with 31% in May; it was also 31% in June 2009. A parallel NAR practitioner survey shows the percentage of first-time buyers purchasing homes fell slightly month over month. In June, first-time buyers accounted for 43% of purchase activity – down from 46% in May. Investors accounted for 13% of sales in June, which is little changed from 14% in May. SOURCE: [link=http://www.realtor.org/press_room/news_releases/2010/07/ehs_june_above]National Association of Realtors

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