The sales pace of existing homes remained unchanged in June amid reports of cancelled contracts and tighter credit standards for mortgage applicants.
According to the National Association of Realtors, existing single-family homes sold at a seasonally adjusted annual rate of 4.24 million units, virtually unchanged from May.
While the sales rate is down 7% from a year ago, the median price paid for a home rose less than a point to $184,600.
NAR also reported that sales of existing condominiums and cooperatives fell 7% during the month. NAR chief economist Lawrence Yun said there was an "unusual spike" in contract cancellations, which could be linked to tight credit standards and low appraisals. But the reason for the "elevated cancellations is unclear," he said.
Some 16% of NAR members reported a contract cancellation in June, up from 4% in May.
On an unadjusted basis, sales of single-family existing home have been rising for the past five months, including a 12.4% jump in sales in the month of June.
