Resales Set Monthly Record

Existing-home sales rose 2.7% in June to a monthly record pace of 7.3 million, while prices for single-family homes and condominiums rose nearly 15% from the levels of a year ago, according to the National Association of Realtors.The housing market is "hot," NAR chief economist David Lereah told reporters. "There is very strong demand for housing," he said, and the inventory of unsold homes remains tight. Sales of existing single-family homes rose 2.4% to a record seasonally adjusted annual rate of 6.37 million in June from 6.22 million in May, while resales of condos and cooperatives rose 4.5% to a record 960,000 pace. The NAR chief economist said he expects sales to slow in the coming months, which should take some pressure off prices. Prices jumped 14.7% over the past 12 months, nearly reaching the record of 15.6% set in Novembers 1980. "I just can't see us sustaining the levels I just announced today," Mr. Lereah said. "We are going to have to come off those somewhat." The NAR can be found online at http://www.realtor.org.