Existing Home Sales Headed for a Record Year
While sales of existing single-family homes eased a slight 0.3% in June, they remained in record territory, the National Association of Realtors® announced on July 25.
Existing homes were sold at a seasonally adjusted annual rate of 5.83 million in June, which was just below a downwardly revised level of 5.85 million units in May, according to the Realtors®.
The June sales rate was 8.6% above the pace recorded a year earlier and it was tied for the fourth highest month on record.
"The slight easing of sales in June may reflect some weakness in labor markets, but historically low mortgage interest rates are helping new households to afford homes and allow existing owers to sell their homes and purchase another," said David Lereah, the association's chief economist. "This is the primary reason we expect a new sales record this year."