THE ANGELS – Sales of previously occupied homes in the United States fell in June at the slowest pace since January, while a near record number of homes in sale and rising mortgage rates kept many would-be buyers.
The national median sales price fell annually for the fifth straight month, though fierce competition led to roughly a third of homes selling above their list price.
Existing home sales fell 3.3% last month from May to a seasonally adjusted annual rate of 4.16 million, the National Association of Realtors said Thursday. That’s slightly below what economists had expected, according to FactSet, and marks the slowest pace of sales since January.
Sales plunged 18.9% compared to June last year. In total, sales are down 23% during the first half of this year.
The national median sales price fell 0.9% from June of last year to $410,200. That’s the smallest annual decline since March. Although it was lower than the previous year, the average sale price increased compared to the previous month, reaching the second highest level in records dating back to January 1999.
“Perhaps home prices are starting to consolidate, or at least any downward pressure is certainly ending,” said Lawrence Yun, chief economist at the NAR.
The latest housing market numbers are further proof that even with prices receding annually after rising for more than a decade, many home-seekers houses they are held back by persistently low inventory.
Some 1.08 million homes remained on the market at the end of June, 13.6% less than the previous year, according to the NAR.
FOUNTAIN: With information from AP
