US Existing Home Sales Surge 21% In June
Sales of existing homes jumped nearly 21% in June compared with May, according to the National Association of Realtors. It was the largest monthly gain since the Realtors began tracking the data in 1968 and came after sharp declines over the previous three months due to the coronavirus pandemic. Sales were still 11.3% lower annually. Home sales could have been more robust, had there simply been more homes for sale. The supply of existing homes available fell a remarkable 18.2% annually to just 1.57 million homes for sale at the end of June. Based on the current sales pace, that represents a four-month supply. Last June 350,000 more homes were on the market. Regionally, sales rose 4.3% month to month in the Northeast and were 11.1% higher in the Midwest. In the South, sales surged 26% monthly, and in the West sales jumped 31.9%. Much of the gains are likely from pent-up spring demand, but there are signs that it will continue at least through the summer. Mortgage applications to purchase a home were up 19% annually just last week.
Tags : INTERNATIONAL