Industry NewsMarkets & Economy

Home sales can’t keep up with May’s pace

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

June home sales slide, inventory swells Sales of existing U.S. homes in June fell to a seasonally adjusted annual rate of 4.86 million units, down 2.6 percent from May's pace of 4.99 million and down 15.5 percent from the 5.75 million-unit rate a year ago, the National Association of Realtors reports today. At the end of June, total housing inventory -- comprised of single-family, townhomes, condos and co-ops -- grew to an 11.1-month supply, or 4.49 million existing units for sale, based on the current sales pace. This represents a 0.2 percent gain from the end of May when there was a 10.8-month supply. Nationwide, the median existing-home price for all housing types was $215,100 in June, down 6.1 percent from a year ago when the median was $229,000. The year-over-year median price declined steepest in the West, down 17.2 percent to $288,400, followed by a 12.6 percent drop to $256,700 in the Northeast and a 2.4 percent dip to $185,300 in the South. The median price in t...