Existing-home sales rose for the third consecutive month with inventory easing and home prices declining less sharply in June, the National Association of Realtors® reported July 23, 2009.
Existing-home sales – including single-family, townhouses, condominiums and co-ops – increased 3.6 percent compared to May, but were 0.2 percent lower than in June 2008.
Total housing inventory at the end of June fell 0.7 percent to 3.82 million existing homes available for sale, which represents a 9.4-month supply at the current sales pace, down from a 9.8-month supply in May. Raw inventory totals are 14.9 percent below a year ago.
The national median existing-home price for all housing types was $181,800 in June, which is 15.4 percent below June 2008. Distressed properties, which accounted for 31 percent of sales in June, continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes.
Regionally, existing-home sales in the Northeast rose 2.5 percent compared to May, but were 4.7 percent below a year ago. The median price in the Northeast was $249,400, down 5.9 percent from June 2008.
Existing-home sales in the Midwest increased 0.9 percent in June, but were 1.8 percent lower than June 2008. The median price in the Midwest was $157,000, about 9.1 percent below a year ago.
In the South, existing-home sales rose 4 percent in June, but are 3.7 percent below a year ago. The median price in the South was $163,200, down 11.9 percent from June 2008.
Existing-home sales in the West improved by 6.4 percent in June, and sales were 11.5 percent higher than June 2008. The median price in the West was $214,800, down 24.9 percent from a year ago.