The median price of an existing single family home rose in June to the highest level in almost four years, the fifth straight month-to-month gain, NAR reported recently. The median price was up 7.9 percent from June 2011. Existing home sales dropped to 4.37 million in June to the lowest level since last October, NAR said. It was the fourth drop in the last five months. Economists had expected the sales pace to increase to 4.65 million from 4.62 million in May.
Distressed homes accounted for 25% of all June sales, unchanged from May but 30% below June 2011 levels.
For more information visit: http://www.housingwire.com/news/home-prices-rise-sales-fall-limited-inventory