Home Sales Sag But Buyer Interest Remains High
Existing-home sales from May to June dropped to 5.4%. Tight supplies of affordable homes are to blame for the drop. NAR estimated that there were 2.39 million existing homes listed for sale at the end of June, which is down from a 9.1-month supply at the same time last year.
NAR estimates that single-family homes, townhomes, condos and co-ops sold at a seasonally adjustable rate of 4.37 million in June, which is up 4.5% from the same time last year.
Despite the shrinking inventory, buyer interest still remains solid.