BrokerageIndustry News

Home sales sag in June

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Tight supplies of affordable homes and restrictive mortgage underwriting practices are limiting the options for first-time homebuyers, the National Association of Realtors said in reporting a 5.4 percent drop in existing-home sales from May to June.NAR estimates that single-family homes, townhomes, condominiums and co-ops sold at a seasonally adjusted annual rate of 4.37 million in June. That's up 4.5 percent from the same time a year ago -- the 12th straight month that sales have seen year-over-year gains."Despite the frictions related to obtaining mortgages, buyer interest remains solid," said Lawrence Yun, NAR's chief economist, in a statement. "But inventory continues to shrink, and that is limiting buying opportunities. This, in turn, is pushing up home prices in many markets."NAR estimated there were 2.39 million existing homes listed for sale at the end of June, a 6.6-month supply at the current sales pace. That's up slightly from a 6.4-month supply in...