The housing crash continues - Existing home sales down in June
California Housing Crash, Florida Housing Crash, The Economy, Real Estate July 24th, 2008
The National Association of Realtors reported more horrible news for the housing market in the US. Here are the highlights:
Existing-home sales – including single-family, townhomes, condominiums and co-ops – fell 2.6 percent to a seasonally adjusted annual rate1 of 4.86 million units in June from a pace of 4.99 million in May, and are 15.5 percent lower than the 5.75 million-unit rate in June 2007.
Total housing inventory at the end of June rose 0.2 percent to 4.49 million existing homes available for sale, which represents an 11.1.-month supply2 at the current sales pace, up from a 10.8-month supply in May.
The national median existing-home price3 for all housing types was $215,100 in June, down 6.1 percent from a year ago when the median was $229,000
Single-family home sales declined 3.2 percent to a seasonally adjusted annual rate of 4.27 million in June from 4.41 million in May, and are 14.8 percent below the 5.01 million-unit pace in June 2007. The median existing single-family home price was $213,800 in June, which is down 6.7 percent from a year ago.
Existing condominium and co-op sales rose 1.7 percent to a seasonally adjusted annual rate of 590,000 units in June from 580,000 in May, but are 19.7 percent below the 735,000-unit level a year ago. The median existing condo price4 was $224,200 in June, which is 2.2 percent lower than June 2007.
Regionally, existing-home sales in the West rose 1.0 percent in June to a pace of 1.03 million but are 6.4 percent lower than a year ago. The median price in the West was $288,400, which is 17.2 percent below June 2007
July 28th, 2008 at 3:46 pm
I’m not sure why some of those government reports have sounded so optimistic. I’m not a big fan of lowering standards just to make one feel better. That’s not an achievement. Just tell it like it is.