2008-07-24mortgagenewsdaily.com

U.S. existing home sales fell 2.6% to 4.86 million units in June following May's unrevised sales figure of 4.99 million. This is the fourth month home sales have remained under the five million mark, according to the National Association of Realtors (NAR)...

Total housing inventories came in at a 11.1-month supply in June, up from the 10.8-month supply in May.

The NAR said foreclosures represent one-third to 40% of all sales.

The national median existing home price rose to $215,100 in June, up from the May figure of $207,900 but down 6.1% from a year ago.

Interesting that median prices were up with foreclosures making such a large percentage of sales. Inflation? Mix effects (more expensive homes selling)?


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