In Depth Analysis: CalculatedRisk Newsletter on Real Estate (Ad Free) Read it here.

Thursday, July 24, 2008

Existing Home Sales Decline in June

by Calculated Risk on 7/24/2008 10:00:00 AM

Note: graphs will be posted on Saturday (when I return home).

From NAR: Existing-Home Sales Down In June

Existing-home sales – including single-family, townhomes, condominiums and co-ops – fell 2.6 percent to a seasonally adjusted annual rate1 of 4.86 million units in June from a pace of 4.99 million in May, and are 15.5 percent lower than the 5.75 million-unit rate in June 2007.
Total housing inventory at the end of June rose 0.2 percent to 4.49 million existing homes available for sale, which represents an 11.1.-month supply2 at the current sales pace, up from a 10.8-month supply in May.
Still not a one year (12 months) of inventory, but just wait ... sales will probably decline further.

According to Lawrene Yun, "short sales and foreclosures [account] for approximately one-third of transactions". That is not exactly a healthy market. More this weekend ...