July ExistingHome Sales Near FourYear High

Dated: 08/21/2013

Views: 1437

BY: MARK LIEBERMAN, FIVE STAR INSTITUTE ECONOMIST
Existing-home sales soared 6.5 percent in July to an annual sales rate of 5.39 million, the highest level since November 2009, while the price of a single-family home slipped $500 or 0.2 percent month-over-month, National Association of Realtors reported Wednesday.

Economists surveyed by Bloomberg expected existing home sales to increase more modestly to 5.15 million from the June’s originally reported sales pace of 5.08 million. June sales were revised down to 5.06 million.The boost in sales came two months after a sharp jump in the NAR’s Pending Home Sales Index, which was 111.3 in May, up 5.8 percent from April.
Despite the month-over-month decline, the median price of an existing-home, at $213,500, was 13.7 percent ahead of the price in July 2012, the strongest year-over-year percentage price gain since October 2005.

The inventory of homes for sale rose to 2.28 million from 2.15 million in June, translating to a 5.1 month supply unchanged from a month ago. June inventory was revised down from last month’s report.
 

Marc Blitstein

Marc Blitstein has been a licensed Real Estate Agent since 2004. Real estate experience has been in employee relocation, residential property, short sales, investment property, and bank owned property....

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