HousingWire reports the seasonally annual adjusted rate (SAAR) of existing home sales dropped from 4.62 million in May to 4.37 million in June, a decline of 5.4 percent, although sales in June topped the 4.18 units sold in June 2011. The lower inventory of available homes and increased demand managed to push prices somewhat higher, but also hindered choices of available homes. Twenty-five percent of June sales were distressed homes—the same rate as May, but 30 percent below June 2011 levels. Says Lawrence Yun of the National Association of Realtors, “Buyer interest remains solid, but inventory continues to shrink and that is limiting buying opportunities. This, in turn, is pushing up home prices in many markets. The price improvement also results from fewer distressed homes in the sales mix.” MHProNews has learned the median single-family home price rose eight percent over last June to $190,000.
(Photo credit: WenatcheeWorldPhoto/Mike Irwin)