Although home sales dipped slightly in June, due mainly to the increase in mortgage interest rates, they remained above year-ago levels, according to the National Association of Realtors' (NAR) existing-home sales data.
Total existing-home sales – completed transactions that include single-family homes, townhomes, condominiums and co-ops – decreased by 1.2% to a seasonally adjusted annual rate of 5.08 million in June, according to NAR.
While that is down from the 5.14 million transactions recorded in May, it is 15.2% higher than the 4.41 million recorded in June 2012.
Meanwhile, the median home sales price increased in June. It was the seventh consecutive month that the average home sales price increased, according to the report.
‘Affordability conditions remain favorable in most of the country, and we're still dealing with a large pent-up demand,’ said Lawrence Yun, chief economist for NAR. ‘However, higher mortgage interest rates will bite into high-cost regions of California, Hawaii and the New York City metro area market.’
Total housing inventory increased to 1.9% or 2.19 million existing homes available for sale. At the current average sales prices, this represents a 5.2-month supply, up from five months in May. Listed inventory remains 7.6% below a year ago, when there was a 6.4-month supply.
"Inventory conditions will continue to broadly favor sellers and contribute to above-normal price growth," Yun remarked.
The national median existing-home price for all housing types was $214,200 in June, up 13.5% from June 2012.
On a year-over-year basis, home prices have increased for the past 16 consecutive months, according to the report.
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