US home sales slip another 2.6 pc
US home sales fell another 2.6 per cent in June as inventories rose and prices fell with buyers still hesitant in the face of a horrific market slump, industry data showed on Thursday.
By Agencies |
WASHINGTON: US home sales fell another 2.6 per cent in June as inventories rose and prices fell with buyers still hesitant in the face of a horrific market slump, industry data showed on Thursday.
The National Association of Realtors reported sales of existing homes and apartments fell 2.6 per cent to a seasonally adjusted annual rate of 4.86 million. The level is 15.5 per cent lower than in June 2007.
The report was also weaker than the average Wall Street estimate of a pace of 4.95 million, and a sign that the real estate market is still struggling to find a bottom.
NAR president Richard Gaylord said the association's recent surveys showed "nearly a quarter of potential home buyers are waiting on the sidelines," in the face of declining prices.
"However, timing the market can be very tricky, which is why home buyers should always have a long-term view to build wealth."
The inventory of unsold homes at the end of June rose 0.2 per cent to 4.49 million units, an 11.1-month supply at the current sales pace, up from a 10.8-month supply in May.
The median existing-home price for all housing types was 215,100 dollars in June, down 6.1 per cent from a year ago.
The National Association of Realtors reported sales of existing homes and apartments fell 2.6 per cent to a seasonally adjusted annual rate of 4.86 million. The level is 15.5 per cent lower than in June 2007.
The report was also weaker than the average Wall Street estimate of a pace of 4.95 million, and a sign that the real estate market is still struggling to find a bottom.
NAR president Richard Gaylord said the association's recent surveys showed "nearly a quarter of potential home buyers are waiting on the sidelines," in the face of declining prices.
"However, timing the market can be very tricky, which is why home buyers should always have a long-term view to build wealth."
The inventory of unsold homes at the end of June rose 0.2 per cent to 4.49 million units, an 11.1-month supply at the current sales pace, up from a 10.8-month supply in May.
ADVERTISEMENT
The median existing-home price for all housing types was 215,100 dollars in June, down 6.1 per cent from a year ago.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
