Markets & Economy

Existing-home sales slip in June

NAR: Home inventory rose nearly 2 percent

Existing-home sales slipped in June, but ample pent-up demand and favorable buying conditions should keep the housing market from stumbling in the face of a recent surge in interest rates, the National Association of Realtors (NAR) said today. “Affordability conditions remain favorable in most of the country, and we’re still dealing with a large pent-up demand,” said Lawrence Yun, chief economist at NAR.  “However, higher mortgage interest rates will bite into high-cost regions of California, Hawaii and the New York City metro area market.” Amid the drop in home purchases, home prices continued to soar above year-ago levels, as inventory edged upwards, NAR said. Existing-home sales dropped 1.2 percent to a seasonally adjusted annual rate of 5.08 million units in June from a downwardly revised 5.14 million in May, according to NAR. During the same period, housing inventory rose 1.9 percent to 2.19 million homes, representing a 5.2-month supply of homes at the cu...