Industry NewsMarkets & Economy

Existing-home sales slide 5.1% in June

Northeast, West represent extremes in activity

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Real estate agents and brokers closed 9.8 percent more existing-home sale transactions in June than the same month last year, according to a report by the National Association of Realtors, while falling 5.1 percent from the June 2010 rate. Sales of existing single-family houses, townhomes, condominiums and co-ops rose to a seasonally adjusted annual rate of 5.37 million units last month -- a 9.8 percent increase over the 4.89 million-unit pace in June 2009, the report said. In a rise the association largely attributed to the federal homebuyer tax credits, existing-home sales also jumped 19.2 percent year-over-year in May. The tax credit deadline to have a home under contract was April 30, while the original deadline to close a deal was June 30. Congress extended the closing deadline to Sept. 30.NAR bases its existing-home sales figures on transactions closed and attributed the month-to-month decline in sales to closing delays for transactions awaiting lender approval. "June hom...