On July 24, 2017, National Association of Realtors® (NAR) reported that nationwide existing home sales decreased 1.8% to annual rate of 5.52 million homes in June of 2017 from 5.62 million homes in May of 2017, but higher 0.7% of 5.47 million homes from June of 2016.
There were 1.96 million homes supplies of available inventory in June of 2017 dropped 7.1% from 2.11 million homes from June of 2016; while, there were 4.3 months available inventory in June of 2017 fell from 4.6 months from May of 2017.
On average it took 28 days in June of 2017, up from 27 days in May of 2017, but declined from 34 days in June 2016. First time buyers acquired 32.0% of homes in June of 2017, down from 33.0% in May of 2017, and from 33.0% in June of 2016. Cash buyers purchased 18.0% of all sales in June of 2017, lower from 22.0% in May of 2017, and from 22.0% in June of 2016. Investors purchased 13.0% of homes in June of 2017, dropped from 16.0% in May of 2017, but me as from 13.0% in June of 2016, according to Adam DeSanctis of NAR on July 24, 2017.
Lawrence Yun, NAR chief economist, stated "The demand for buying a home is as strong as it has been since before the Great Recession. Listings in the affordable price range continue to be scooped up rapidly, but the severe housing shortages inflicting many markets are keeping a large segment of would-be buyers on the sidelines."
For more complete information, on NAR's June of 2017 existing home sales report, please CLICK HERE
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