Existing home sales decreased 2.6% in June to a seasonally adjusted 4.86 million-unit rate, the National Association of Realtors announced yesterday.
The sales decrease to 4.86 million compared to the 4.940 million unit pace predicted by IFR Markets’ poll of economists and followed an unrevised 2.0% rise to a 4.99 million unit level in May.
On a year-over-year basis sales overall were down 15.5% from a 5.75 million unit sales pace last June.
Inventory levels rose 0.2% at the end of June to 4.490 million existing homes for sale, representing a 11.1-month supply at the current sales pace, up from 10.8 months last month.
