Existing Home Sales Fall for Third Month Despite Increasing Inventories

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Posted To: MND NewsWire

Existing home sales extended their losing streak to three months in June. The National Association of Realtors® (NAR) said that single-family homes, townhomes, condominiums, and cooperative apartments sold during the month at an annual rate that was 0.6 percent below that of the previous month and lagged sales in June of last year by 2.2 percent. Sales were at a seasonally adjusted annual rate of 5.38 million, down from 5.41 million in May. The May figure was a downward revision from the 5.43 million originally reported. Analysts had expected existing home sales to rise, but only slightly, after two months of losses. The panel polled by Econoday forecasted those sales would fall within an annual range of 5.35 million to 5.52 million. The consensus was for a rate of 5.45 million units. Single…(read more)

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