Existing Home Sales Fall Less than Expected

Sales of existing homes fell less than economists expected in June, according to a report from The National Association of Realtors. Sales were down 5.1 percent but, despite the downturn, up 9.8 percent from the year before. Lawrence Yun, NAR's chief economist, said the market is undergoing understandable swings and sales will only return to a healthy level once jobs are created at a sufficient pace. The NAR also reports total housing inventory was up 2.5 percent to 3.99 million homes for sale at the end of June, which represents an 8.9-month supply. More here, here, and here.