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| Existing-Home Sales: Hello, 2015... |
| By RISMedia Staff |
With inventory still stubbornly tight, existing-home sales sank 1.7 percent, according to the June National Association of REALTORS® report, newly released. Compared to June of last year, sales underwhelmed, down 2.2 percent. We’re in familiar territory, according to Lawrence Yun, chief economist at NAR. “Home sales are running at a pace similar to 2015 levels—even with exceptionally low mortgage rates, a record number of jobs and a record high net worth in the country,” says Yun. “Imbalance persists for mid- to lower-priced homes with solid demand and insufficient supply, which is consequently pushing up home prices.” Although inventory in June picked up—1.93 million, according to NAR’s report—the amount of for-sale homes has not materially risen year-over-year. ...
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