July 22, 2010
Existing Home Sales In Decline As Inventory Climbs
By Matthew L. Brown
Sales of existing homes fell 5.1 percent in June to an annual rate of 5.37 million units compared to 5.66 million in May, according to the National Association of Realtors.
The month's total was 9.8 percent greater than the 4.89-million-unit pace registered in June 2009.
The NAR acknowledged that the number of sales closed after the federal homebuyer's tax credit expired in April "will be significantly lower compared to the credit-induced spring surge."
Nationwide, the median sale price of existing homes was $183,700 in June, a 1 percent increase from a year earlier.
Total housing inventory increased 2.5 percent to 4 million homes available for sale, an 8.9-month supply. In May, inventory was at an 8.3-month supply.
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