WASHINGTON (7/23/13)--U.S. existing-home sales declined in June, but have stayed well above year-ago levels for the past two years. Also, the median price shows seven consecutive months of double-digit year-over-year increases, according to the National Association of Realtors (NAR).
Total existing-home sales--which are completed transactions that include single-family homes, townhomes, condominiums and co-ops--dipped 1.2% to a seasonally adjusted annual rate of 5.08 million in June from a downwardly revised 5.14 million in May. However, they are 15.2% higher than the 4.41 million-unit level in June 2012.
There is enough momentum in the market, even with higher interest rates, said Lawrence Yun, NAR chief economist. "Affordability conditions remain favorable in most of the country, and we're still dealing with a large pent-up demand," he added. "However, higher mortgage interest rates will bite into high-cost regions of California, Hawaii and the New York City metro area market."
To read the NAR release, use the link.