Industry NewsMarkets & Economy

Auction.com offers ‘nowcast’ for June home sales

Online real estate marketplace says sales look good thanks to job market, wage growth

The forecast for home sales looks strong thanks to improvements in the job market and wage growth, but the “nowcast” for home sales this month is expected to fall somewhere between seasonally adjusted annual rates and annual sales. According to Auction.com LLC’s monthly Real Estate Nowcast, existing-home sales for the month of June will fall between seasonally adjusted rates of 5.4 million and 5.74 million annual sales, with a targeted number of 5.57 million. That’s an increase of 4.1 percent from May 2015, and an 11.2 percent increase from the same period last year, Auction.com said. Auction.com’s May Nowcast point estimate of 5.31 million beat the consensus estimate of 5.25 million. The online real estate marketplace’s figures are in line with the National Association of Realtors, which recently released its assessment of existing-home sales data for May and reported that sales were at 5.35 million units, a 5.1 percent increase from April’s sales and up...