WASHINGTON (AP) – Sales of previously occupied U.S. homes rose in June, snapping a four-month losing streak, while strong demand for higher-end properties and ultra-low mortgage rates helped push prices to new highs.
Join our WhatsApp groupSubscribe to our Daily Roundup Email
Existing homes sales rose 1.4% last month from May to a seasonally-adjusted annual rate of 5.86 million units, the National Association of Realtors said Thursday. Sales jumped 22.9% from June last year.
Economists were expecting that sales increased to an annual rate of 5.90 million, according to FactSet.
The median U.S. home price climbed 23.4% from a year earlier to a record $363,300.
Home sales have been slowing as soaring prices and a limited number of available homes on the market have discouraged many would-be buyers.
At the end of June, the inventory of unsold homes stood at just 1.25 million homes for sale, down 18.8% from a year ago. At the current sales pace, that amounts to a 2.6 months’ supply, the NAR said.
Good to know. Excellent news!
Too many soros funded illegals taking housing
NYT headlines today, rent is rising at higher pace than ever causing inflation fears. This should be a duh. If housing prices rise then rent needs to rise. Both in terms of the supply and the demand side. And anyone who thinks well it will reverese is naive and dumb. Think about it, say you are right and it reverses why won’t that alone cause a recession? Do you recall 2007? I I purchased a house at 1M and its value declines to 800K, you now have a mortgage crisis. You can’t refinance etc.. Lots of foreclosures will ensue. If prices don’t reverse, how will the masses afford these prices? So my question to the audience is why isn’t this an alarming statistic? How do you see this as postive?