US June existing home sales fell 1.3 pct

WASHINGTON - The pace of sales of existing homes in the United States fell 1.3 percent in June to their slowest pace since January, the National Association of Realtors said on Tuesday.

By (Reuters)

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Published: Tue 25 Jul 2006, 10:45 PM

Last updated: Sat 4 Apr 2015, 1:08 PM

Sales of existing US homes fell to a seasonally adjusted annual rate of 6.62 million units in June from an upwardly revised rate of 6.71 million units in May. June’s rate was 8.9 percent below the 7.27 million unit pace a year earlier.

Analysts had expected home resales to slow even further to a 6.58 million unit rate from May’s originally reported 6.67 million unit pace.

The Realtors’ chief economist David Lereah said the data showed a continued transition from a seller’s market to a buyer’s market.

“That transition shows sellers are stubborn and eventually sellers start to soften their price demands,” he said -- a development that will eventually draw buyers back into the market.

The national median existing-home price for all types of housing was $231,000 in June, up 0.9 percent from the June 2005 median price of $229,000. This was the slowest annual pace of price appreciation for any month since May 1995, when prices rose 0.3 percent year-on-year.

There were a record 3.73 million homes for sale at the end of June, representing 6.8 months’ supply, compared to 6.4 months at the end of May.



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