Industry News

Existing-home sales break record

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Total existing-home sales – including single-family, town homes, condominiums and co-ops – set a new record in June, increasing 2.7 percent since May, the National Association of Realtors reported today. If sales continued at this June pace for a full year, accounting for seasonal fluctuations in sales, it would represent 7.33 million home sales, the association reported, up from a seasonally adjusted pace of 7.14 million home sales in May. The June rate of sales was 4.4 percent above the 7.02 million rate in June 2004, and the previous record was 7.18 million in April 2005, the association reported. David Lereah, NAR's chief economist, said home sales were expected to ease slightly from peaks reached over the last couple of months. "Just when you think sales activity is ready to settle into a more sustainable pace, the housing market continues to surprise," he said. "We've been expecting sales to remain at historically high levels, but this performance underscores the...