Despite the strong growth in sales since this spring, declining affordability could begin to slowly dampen demand. Some markets reported slower foot traffic in part because of low inventory and concerns about the continued rise in home prices without commensurate income gains. Total housing inventory declined 0.4% to 2.24 million existing homes available for sale, and is now 4.75 lower than a year ago. Unsold inventory is at a 4.8-month supply at the current sales pace, down from 4.9 months the month before. » [read more]

 

Existing home sales steadily increased for the third consecutive month while stubbornly low inventory levels and rising prices are likely to blame for sales to first-time buyers falling to their lowest share since January. Total existing home sales, increased 2.0 percent to a seasonally adjusted annual rate of 5.59 million in from a downwardly revised 5.48 million the month before. Sales remained at the highest pace since February 2007, have now increased year-over-year for ten consecutive months and are 10.3% above a year ago. » [read more]

 

Home Sales Rise As Home Prices Surpass New PeakHome sales increased in June to their highest pace in over eight years, while the cumulative effect of rising demand and limited supply helped push the national median sales price to an all-time high. All major regions experienced sales gains and have now risen above year-over-year levels for six consecutive months.SummaryTotal existing home sales increased 3.2% to a seasonally adjusted annual rate of 5.49 million from a downwardly revised 5.32 million. Sales are now at their highest pace since February 2007 at 5.79 million, and have increased year-over-year for nine consecutive months rising 9.6% a year ago. » [read more]