WASHINGTON – The seasonally-adjusted rate for annual sales of existing homes in the United States during June dropped 15.5 percent from the same month last year and 2.6 percent from the month before, according to statistics released by The National Association of Realtors last week.
NAR reported a June rate of 4.86 million homes per year, a fall from the May rate of 4.99 million per year. During the previous June, the seasonally-adjusted annual rate had been 5.75 million homes per year.
“A recent online survey of Realtors shows nearly a quarter of potential home buyers are waiting on the sidelines,” NAR President Richard F. Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said in a statement. “However, timing the market can be very tricky, which is why home buyers should always have a long-term view to build wealth.”
In the Northeast, the seasonally-adjusted rate fell during June to 850,000 homes per year, a drop of 6.6 percent from the 910,000 during May. Year-over-year the annual sales rate fell 15.8 percent, from 1.01 million during the same month last year. While month-to-month annual rates fell 3.4 percent in the Midwest and 3.1 percent in the South, they rose in the West by 1 percent.
Compared with the same month a year ago, existing-home sales fell and 15.8 percent in the Northeast. Year-over-year declines were larger in the Midwest and South, with 17.6- and 18.1-percent drops, respectively. The West fell 6.4 percent year-over-year for June.
The nation’s housing inventory rose 0.2 percent compared with May – to 4.49 million existing units at the end of June – after falling 1.4 percent the month before. Compared with a year ago, the housing inventory grew by 2.8 percent.
At the current pace of sales, that represented an 11.1-month supply, a 2.8-percent increase from the 10.8-month supply during May. Year-over-year, the supply was up 22 percent from the 9.1-month supply during June 2007.
The median price of all existing homes sold last month was $215,100, an increase of 3.4 percent from May’s average but a 6.1-percent decrease from the $229,000 average for homes sold during June 2007. Prices in the Northeast dropped 7.8 percent from May prices, while sales in the other three regions increased month over month.
The National Association of Realtors is the nation’s largest trade association, with more than 1.3 million members in all aspects of residential and commercial real estate. Additional information is available at www.realtor.org.
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