The National Association of Realtors released the existing home sales figures for June 2008 today. Sales increased to a seasonally adjusted annual rate of 4.860 million units in June, down 2.6% from May 2008 and down 15.5% from June 2007. This is the lowest annual sales rate since July 2000. For the first 6 months this year, only 2.386 million units have sold. The median sales price was $215,100 in June up from $207,900 in May 2008 (up 3.5%) but down from $229,000 in June 2007 (down 6.1%).
The inventory of existing homes grew to 4.490 million units up from 4.482 million in May 2008. Month's supply grew to 11.1. Lawrence Yun, NAR chief economist, said "with short sales and foreclosures accounting for approximately one-third of transactions, it’s hard to make an apples-to-apples comparison with a year ago when they were only a minor portion of the market." Distressed sales are pressuring prices, but they are also boosting sales transactions.
Sphere: Related Content
No comments:
Post a Comment