Industry News

Existing-home sales slide in June

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The rate of existing-home sales -- including single-family, town homes, condominiums and co-ops -- fell for the third straight month and dropped 8.9 percent in June compared to June 2005, the National Association of Realtors reported today. The seasonally adjusted annual rate of sales reached 6.62 million units in June, compared to 6.71 million in May and 7.27 million in June 2005. This rate is a projection of a monthly sales total sustained for 12 straight months and adjusted to account for seasonal variations in sales activity. Home sales volume is normally higher in the summer than in the winter, primarily because of differences in the weather and family buying patterns, the association noted. The national median existing-home price for all housing types was $231,000 in June, up 0.9 percent from June 2005 when the median was $229,000. The median is a typical market price where half of the homes sold for more and half sold for less. Regionally, the median sales price of existing ho...