Sales of existing U.S. homes continued to fall in June, correcting itself after the recent end of the federal tax credit, according to the National Association of Realtors.
Total existing homes sales fell 5.1 percent to a seasonally adjusted annual pace of 5.37 million units, down from 5.66 million in May. Sales are up however, in a yearly comparison with a 9.8 increase over June 2009 figures.
"June home sales still reflect a tax credit impact with some sales not closed due to delays, which will show up in the next two months," said Lawrence Yun, NAR chief economist. "Broadly speaking, sales closed after the home buyer tax credit will be significantly lower compared to the credit-induced spring surge. Only when jobs are created at a sufficient pace will home sales return to sustainable healthy levels."
The national median price for existing homes increased again in June though, moving up to $183,700, up from $179,600 in May and up 1.0 percent over the price from the same time last year.
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Total existing homes sales fell 5.1 percent to a seasonally adjusted annual pace of 5.37 million units, down from 5.66 million in May. Sales are up however, in a yearly comparison with a 9.8 increase over June 2009 figures.
"June home sales still reflect a tax credit impact with some sales not closed due to delays, which will show up in the next two months," said Lawrence Yun, NAR chief economist. "Broadly speaking, sales closed after the home buyer tax credit will be significantly lower compared to the credit-induced spring surge. Only when jobs are created at a sufficient pace will home sales return to sustainable healthy levels."
The national median price for existing homes increased again in June though, moving up to $183,700, up from $179,600 in May and up 1.0 percent over the price from the same time last year.
For the complete story, go to: http://www.realty10.com/default.asp.f-realestateabc.page-page2.shtml
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