USA TODAY: Existing home sales fell more than 1% in June as the supply of homes for sale remained tight and short-sales and purchases of foreclosed homes dropped.
Sales fell to a seasonally adjusted annual rate of 5.08 million, the National Association of Realtors reported Monday. Economists had expected an annual pace of 5.27 million, according to a Bloomberg survey…
“Although sales were down a bit, don’t panic: the drop was all in distressed sales,” said Jed Kolko, chief economist for real-estate site Trulia.com. Non-distressed “sales rose month-over-month and are up 32% year-over-year. Plus, good news for buyers: inventory expanded for the fifth month in a row. … More inventory means home price gains should slow down.” … (more)
