Existing Home Sales Fall 2.6% to 4.86 Million in June
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U.S. existing home sales fell 2.6% to 4.86 million units in June following May's unrevised sales figure of 4.99 million. This is the fourth month home sales have remained under the five million mark, according to the National Association of Realtors (NAR).
Economists were expecting the June data to fall to 4.94 million.
Since June 2007, existing home sales have declined by 15.5%.
Single-family unit sales fell 3.2% to 4.27 million, down from a rate of 4.41 million in the previous month.
Total housing inventories came in at a 11.1-month supply in June, up from the 10.8-month supply in May.
The NAR said foreclosures represent one-third to 40% of all sales.
The national median existing home price rose to $215,100 in June, up from the May figure of $207,900 but down 6.1% from a year ago.
Existing home sales, which include single-family homes, townhomes, condominiums and co-ops, are based on transaction closings. This differs from the U.S. Census Bureau's series on new single-family home sales, which are based on contracts or the acceptance of a deposit.
By Patrick McGee and edited by Nancy Girgis
©CEP News Ltd. 2008
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