U.S. existing home sales fall to 10-year low
Filed under: Forecasts, Bad news, Housing, Recession
Sales of existing homes in June fell 2.6%, to a seasonally-adjusted annualized rate of 4.99 million - - the lowest level in 10 years - - the National Association of Realtors announced Thursday.Economists surveyed by Bloomberg News had expected June existing home sales to total a 4.94 million annualized rate. The annualized rate totaled 4.99 million units in May; a year ago, in June 2007, it was 5.75 million units.
Meanwhile, the national, median, existing home price for all housing types was $215,100 in June, down 6.1% from a year ago when the median was $229,000.
Existing home sales varied by region. Sales rose 1% in West, but fell 6.6% in the Northeast, 3.4% in Midwest, and 3.1% in the South.
'Bad time to be a home seller'
Economist Peter Dawson said the June existing home sales statistic shows that the housing market remains a buyers market.
"No question, it's a bad time to be a home seller. Existing home prices continue to slide in most markets, and there's little in the data to suggest a turnaround, given the U.S. economy's doldrums," Dawson said. "My advise for those who are in the market to buy and don't have to buy a house right now - - wait it out, quarter by quarter. Prices in your market could drop considerably."
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