Existing Home Sales Fall To 8-Month Low

By
Mortgage and Lending with DNJ Gateway Mortgage
<!-- .entry-meta -->

Existing Home Supply June 2010-June 2011

Home resales slipped for the 3rd straight month, according to data from the National Association of REALTORS®.

The Existing Home Sales posted a 1 percent drop from May as the number of homes sold fell to a seasonally-adjusted, annualized 4.77 million units. It’s the monthly report’s lowest reading since November 2010.

The report also showed the national supply of homes for sales rising to 9.5 monthsalso its highest reading since November 2010.

Home Supply is the amount of time it would take to exhaust the complete home inventory at the current pace of sales.

June’s Existing Home Sales data would have been stronger if not for a high contract cancellation rate. As compared to May’s 4 percent rate, June’s cancellation rate was 16 percent; an elevated figure that “stands out in contrast” to what’s typical, according to the REALTOR® trade group.

By region, home resale activity varied:

  • Northeast : -5.2% from May 
  • South :+0.5% from May
  • Midwest : +1.0% from May
  • West : -1.7% from May

This disparity from region-to-region highlights an important housing market concept. Namely, that all real estate is local. Because just as the Existing Home Sales varies on a regional level, it varies on a state-wide level, too.

What’s true for California housing is not necessarily what’s true for Florida housing, for example. Each of the 50 states has its own trends, and within those 50 states, there are thousands of cities and neighborhoods, each with their own trends, too.

The “national housing market” doesn’t exist, so national data is rendered somewhat useless.

For data in Apex or your local market, talk to your real estate agent.

Posted by

Interested in me?  I am a mortgage loan officer at DNJ Mortgage with headquarters in Raleigh, NC.  Not only have myself and my team helped thousands of homeowners finance homes in our local area including Apex, Cary , Wake Forest , Chapel Hill, Durham, and many more areas in North Carolina; but we originate loans in all states from Virginia to Florida.  We have command over all loan programs from FHA, USDA, VA, to NC Housing, down payment assistance, conventional loans, etc...  We also specialize in low closing cost loans and no closing cost loans. 

Click here to apply!

www.integritylender.com 

Austin Herbert, CRMS
Senior Loan Officer
DNJ Gateway Mortgage
919.459.6505 o
919.523.2505 c
888.718.5742 f
1350 Sunday Drive ste. 109 Raleigh, NC 27607

DNJ Mortgage

Facebook Page  Twitter

Comments (1)

Joe Jackson
Keller Williams Capital Partners Realty - Columbus, OH
Clintonville and Central Ohio Real Estate Expert

Not the best news but the truth!

Jul 21, 2011 02:18 PM