• NAR released a summary of existing-home sales data showing that housing market activity this June fell 1.8 percent from last month but improved 0.7 percent from last year. June’s existing home sales reached the 5.52 million seasonally adjusted annual rate.

• The national median existing-home price for all housing types was $263,800 in June, up 6.5 percent from a year ago. This marks 64th consecutive month of year over year’s gains as prices reach an all time high.

• Regionally, all four regions showed growth in prices from a year ago, with the Midwest leading all regions with an incline of 7.7 percent. The West had a gain of 7.4 percent followed by the South with a gain of 6.2 percent. The Northeast had the smallest gain of 4.1 percent from June 2016.

• From May, only one of the four regions experienced gains in sales. The Midwest inclined 3.1 percent. The South had the biggest decline of 4.7 percent followed by the Northeast, which had a decline of 2.6 percent in sales. The West had the smallest decline of 0.8 percent.

• Two of the four regions showed an increase in sales from a year ago with the South and Midwest remained flat. The West had a gain of 2.5 percent. The Northeast had an incline of 1.3 percent. The South headed all regions in percentage of national sales at 40.4 percent while the Northeast has the smallest share at 13.8 percent.

• June’s inventory figures are down 0.5 percent from last month to 1.96 million homes for sale. Inventories are down 7.1 percent from a year ago which is 25 months of year over year declines. It will take 4.3 months to move the current level of inventory at the current sales pace. Transactions are moving faster and it takes approximately 28 days for a home to go from listing to a contract in the current housing market, down from 34 days a year ago.

• In June, single-family sales decreased 2.0 percent and condominiums sales were flat compared to last month. Single-family home sales inclined 0.6 percent and condominium sales were up 1.6 percent compared to a year ago. Both single-family and condominiums had an increase in price with single-family up 6.6 percent at $266,200 and condominiums up 6.5 percent at $245,900 from June 2016.

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•NAR released a summary of existing-home sales data showing that housing market activity this June fell 1.8 percent from last month but improved 0.7 percent from last year. June’s existing home sales reached the 5.52 million seasonally adjusted annual rate. •The national median existing-home price for all housing types was $263,800 in June, up 6.5 percent from a year ago. This marks 64th consecutive month of year over year’s gains as prices reach an all time high.  •Regionally, all four regions showed growth in prices from a year ago, with the Midwest leading all regions with an incline of 7.7 percent. The West had a gain of 7.4 percent followed by the South with a gain of 6.2 percent. The Northeast had the smallest gain of 4.1 percent from June 2016. •From May, only one of the four regions experienced gains in sales. The Midwest inclined 3.1 percent. The South had the biggest decline of 4.7 percent followed by the Northeast, which had a decline of 2.6 percent in sales. The West had the smallest decline of 0.8 percent. •Two of the four regions showed an increase in sales from a year ago with the South and Midwest remained flat. The West had a gain of 2.5 percent. The Northeast had an incline of 1.3 percent. The South headed all regions in percentage of national sales at 40.4 percent while the Northeast has the smallest share at 13.8 percent. •June’s inventory figures are down 0.5 percent from last month to 1.96 million homes for sale. Inventories are down 7.1 percent from a year ago which is 25 months of year over year declines. It will take 4.3 months to move the current level of inventory at the current sales pace. Transactions are moving faster and it takes approximately 28 days for a home to go from listing to a contract in the current housing market, down from 34 days a year ago.•In June, single-family sales decreased 2.0 percent and condominiums sales were flat compared to last month. Single-family home sales inclined 0.6 percent and condominium sales were up 1.6 percent compared to a year ago. Both single-family and condominiums had an increase in price with single-family up 6.6 percent at $266,200 and condominiums up 6.5 percent at $245,900 from June 2016.

 

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Source: Economy

Copyright NATIONAL ASSOCIATION OF REALTORS®. Reprinted with permission.


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This Article Appears Courtesy of Steven Diadoo

Steven Diadoo, Licensed Realtor in MN with BRIDGE REALTY and best-selling author of 'Road to Success' with Jack Canfield (Chicken Soup for the Soul), Board Member at Bowling for Brains Non-Profit 501(c)3 (Event to benefit the American Brain Tumor Association), licensed Realtor with Bridge Realty, Seen on DIY TV, Create Channel and PBS. For help buying and/or selling a house, please call (952) 270-6141 or Click here.

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