Resales Fall 3.5%

The sales of existing single-family homes fell 3.5% in June as the spring sales season ended with an 8.7-month supply of unsold properties on the market, according to the National Association of Realtors.The Realtors reported that sales fell for the fourth consecutive month to a seasonally adjusted annual rate 5.01 million in June, down from 5.19 million in May. Compared with the level in June 2006, when there was a 6.8-month inventory of unsold homes, sales of previously owned homes were down 12.1%. NAR senior economist Lawrence Yun said one "bright spot" in the June report is that the median single-family house price rose to $230,300, up 0.1% from the June 2006 price (see item below). The median house price fell to $209,300 in January, and there have been month-to-month increases over the past five months. Meanwhile, sales of condominiums and cooperatives fell 6.3% in June, but the median condo price stood at $228,900, up 2.6% from June 2006. The NAR can be found online at http://www.realtor.org.