Total US existing-home sales climbed 1.1 per cent to 5.57 million in June, from a downwardly revised 5.51 million in May, said the National Association of Realtors Thursday.
US Existing Home Sales
Total existing-home US sales climbed 1.1 percent to a seasonally adjusted annual rate of 5.57 million in June from a downwardly revised 5.51 million in May, said the National Association of Realtors Thursday. After last month’s gain, sales are now up 3.0 per cent from June 2015 (5.41 million) and remain at their highest annual pace since February 2007 (5.79 million).
Total housing inventory at the end of June dipped 0.9 per cent to 2.12 million existing homes available for sale, and is now 5.8 per cent lower than a year ago (2.25 million). Unsold inventory is at a 4.6-month supply at the current sales pace, which is down from 4.7 months in May.
First-Time Buyers
First-time buyers grabbed a 33 per cent share of existing home sales last month, the best performance in four years. June existing sales are up 3.0 per cent from the same month a year ago. Total existing home sales in June increased to a seasonally adjusted rate of 5.57 million units combined for single-family homes, townhomes, condominiums and co-ops, up from a downwardly revised 5.51 million units in May.
Distressed Home Sales
The distressed sales share was 6 per cent in June, unchanged from May, and down from 8 per cent a year ago. Distressed sales are defined as foreclosures and short sales sold at deep discounts. The June all- cash sales share was 22 per cent, unchanged from last month and a year ago.
Individual investors purchased an 11 per cent share in June, down from 13 per cent last month, and the lowest share since July 2009, continuing to follow a four year pattern of increasing at the beginning of the year and declining by spring.
Distressed Home Sales as Per Cent of Total
“A rough estimate: Sales in June 2015 were reported at 5.41 million SAAR with 8 per cent distressed. That gives 430 thousand distressed (annual rate), and 4.98 million equity / non-distressed. In June 2016, sales were 5.57 million SAAR, with 6 per cent dis- tressed. That gives 330 thousand distressed – a decline of about 23 per cent from June 2015 – and 5.24 million equity. Although this survey isn’t perfect, this suggests distressed sales were down sharply – and normal sales up around 5 per cent.”
–Calculated Risk
House Price
The June median sales price of US$247,700 was 4.8 per cent above the same month a year ago, and represents the 52nd consecutive month of year-over-year increases. The median condominium/co-op price of US$231,600 in June was up 3.2 per cent from the same month a year ago.