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- U.S. existing-home sales decrease more than expected in June
U.S. existing-home sales decrease more than expected in June
The National
Association of Realtors (NAR) announced on Tuesday that the U.S. existing home
sales fell 1.7 percent to a seasonally adjusted rate of 5.27 million in June from
a revised 5.36 million in May (originally 5.34 million).
Economists had
forecast home resales decreasing to a 5.33 million-unit pace last month.
In y-o-y terms,
existing-home sales dropped 2.2 percent in June.
According to
the report, single-family home sales stood at a seasonally adjusted annual rate
of 4.69 million in June, down from 4.76 million in May and down 1.7% from 4.77
million a year ago. The median existing single-family home price was $288,900
in June, up 4.5% from June 2018. Meanwhile, existing condominium and co-op
sales were recorded at a seasonally adjusted annual rate of 580,000 units in
June, down 3.3% from the prior month and down 6.5% from a year ago.
The NAR’s chief
economist Lawrence Yun said the nation is in the midst of a housing shortage
and much more inventory is needed. “Imbalance persists for mid-to-lower priced
homes with solid demand and insufficient supply, which is consequently pushing
up home prices,” he said.
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