By: Dennis Norman
The National Association of REALTORS(R) released its existing home sales report for June showing an increase in sales for the 3rd month in a row as well as higher prices in June.
Existing home sales, including single-family, town-homes, condominiums and co-ops increased 3.6% in June to a seasonally adjusted annual rate of 4.89 million units. This rate is almost identical to last years sales at the same time which is a first in a quite a while. May’s rate was down 3.6% from a year ago and June is down just 0.2% from a year ago.
Here in the Midwest sales were at a seasonally adjusted annual rate of 1.1 million homes. This is a modest 0.9% increase over May and is 1.8% below the same time last year.
Median home prices in the U.S. rose 4% from $174,700 for May to $181,800 for June which is down 15.4% from a year before. For the Midwest the median home price for June increased almost $10,000 from May to $157,000 which represents a drop of slightly over 9% in the past year. Continue reading “Home sales and prices increase in Midwest in June“