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Existing Home Sales: Second Highest Level Since 2009
According to the National Association of REALTORS®, national sales of existing homes in June came in at 5.08 million.
June's reading was reported to be the second highest since November of 2009; this should calm concerns about a lapsing recovery in housing markets.
Summer typically produces the highest prices for existing homes sold, as families seeking larger homes frequently move during summer months.
The June inventory of existing homes improved by 1.90 percent to 2.19 million homes or a 5.20 month supply. June's number of available homes was 7.60 percent lower than in June 2012.
The shortage of available homes has been causing buyers to turn from existing homes to new homes in areas where both available homes and/or land for new construction are in short supply.
Average Home Prices Continue Their Climb Nationally:
So the news of more existing homes for sale is good news for home buyers and housing markets that have been held back by an excess of buyers seeking a short supply of available homes.
NAR chief economist Lawrence Yun noted that inventories of existing homes are expected to "broadly favor sellers and contribute to above-normal price growth."
This trend was supported by June's national average ... more
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