Existing home sales ease but remain at record levels, says NAR
Existing home sales slipped 0.3 percent in June to a seasonally adjusted annual rate of 5.83 million units from a downwardly revised level of 5.85 million units in May. Last month's sales activity was 8.6 percent above the 5.37-million unit pace in June 2002, and was tied for the fourth highest month on record.
Monthly sales rates have been revised going back to 1989 using updated seasonal adjustment factors; there are no changes to annual sales totals or home price data.
The national median existing-home price was $176,500 in June, up 7.7 percent from June 2002 when the median price was $163,900.
Regionally, the existing home sales pace in the West rose 3.2 percent from May to an annual rate of 1.60 million units in June, and was up 11.1 percent from June 2002. The median existing-home price in the West was $242,600, up 10.1 percent from the same month a year earlier.
Home resale activity in the South was unchanged in June, holding at an annual rate of 2.29 million units, and was 7.5 percent above a year ago. The median price of an existing home in the South was $166,400, which was 6.7 percent higher than June 2002.
Homes in the Midwest were reselling at an annual rate of 1.29 million units in June, 3.0 percent below May but 10.3 percent higher than June 2002. The median price in the Midwest was $147,300, up 7 percent from a year ago.
Existing home sales in the Northeast dropped 4.4 percent from May to a pace of 650,000 units in June, but were 3.2 percent above the same month a year earlier. The median existing home price in the Northeast was $188,900, up 11.9 percent from June 2002.