The pace of seasonally adjusted existing-home sales in the U.S. declined 5.4 percent from an upwardly revised 4.62 million in May to a 4.37 million pace in June, up 4.5 percent from the 4.18 million unit pace recorded in June 2011 but an eight-month low.
Total housing inventory at the end of June slipped 3.2 percent to 2.39 million existing homes actively on the market, a 6.6 month supply, up from a 6.4 month supply in May but down from a 9.1 month supply in June 2011.
The median sale price for existing-homes ticked up 3.7 percent in June to $189,400, up 7.9 percent year-over-year as distressed sales accounted for 25 percent of sales volume, unchanged from May but down five points versus June 2011.
Existing-home sales in the west declined 6.9 percent from May to June, down 3.6 percent year-over-year with a median sales price that’s up 13.3 percent year-over-year, driven by more sales at the upper end of the market.
∙ June Existing-Home Prices Rise Again, Sales Down [realtor.org]
∙ Existing U.S. Sales Pace And Supply Slip In May, Median Ticks Up [SocketSite]
∙ Recorded San Francisco Sales Up 9.9% In June (Year-Over-Year) [SocketSite]
Home sales down, retail sales down, consumer confidence down, jobless claims up. Starting to feel like the recovery was a dead cat bounce.