Home Sales Nationwide Fall in June
The National Association of Realtors reported that existing home sales fell last month to a seasonally adjusted annual rate of 5.37 million units, down from 5.66 million in May. Sales year-over-year were up 9.8% but down 5.1% in June.
"The housing industry is slogging through a swamp looking for solid ground," said Mitchell Hochberg, a principal at Madden Real Estate Ventures. "With mounting foreclosures, growing consumer pessimism and a rise in inventory, the only path to recovery is an increase in employment."
Meanwhile, the inventory of homes on the market rose 2.5% in June to 3.99 million units. At that level, it would take 8.9 months to sell all the existing homes on the market, compared with 8.3 months of inventory in May. "The supply of homes on the market is higher than we'd like to see," said NAR chief economist Lawrence Yun, adding that home prices have held up well despite the glut.
We have some great buys in the Daytona Beach area now. Call or email me for some ideas.
Sherry Armstrong, Realtor
386-679-3191
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