Housing Inventories Building
The National Association of Realtors said that sales of existing Homes fell 1.3% in June, to the lowest rate since the beginning of the year. Sales of condominiums also tumbled and price increases were the weakest in 11 years. A record 3.73 million homes were for sale at the end of June, representing a 6.8 months’ supply, compared to 6.4 months at the end of May.
The national median existing home price for all types of housing was $231,000 in June, up 0.9 percent from the June 2005 median price of $229,000. This was the slowest annual pace of price appreciation for any month since May 1995, when prices rose 0.3 percent year-on-year.
David Lereah, chief economist for the NAR, said the data showed a continued transition from a seller’s market to a buyer’s market. Additionally, he also expects sales declines to level out in the near future.
For more information, contact MillionSaverHomes.com a local Las Vegas real estate broker at 702.212.3513.
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