Existing Home Sales

June Existing Home Sales totaled 4.89mm annualized, 50k more than expected but May was revised down by exactly 50k to 4.72mm so taken together about in line. It is though the 3rd month in a row of gains and its at the highest level since Oct ’08 as both single family and condos/co-ops saw sales gains. Months supply fell to 9.4 from 9.8, the lowest since Dec ’08. The high was 11.3 in April ’08 and it got as low as 3.6 in Jan ’05. The NAR said that distressed sales were 31% of the overall total and said 29% of buyers were first time (helped out by the $8000 tax credit). Prices are down 15.4% but rose to $181,800 sequentially, the highest since Oct ’08 as prime foreclosures rise and lead to higher priced homes for sale, thus skewing the median price higher. The South and the West saw the best sales gains as they are still being influenced by foreclosures. The Northeast and Midwest were up a touch. Mortgage rates are up about 40 bps since the contracts were likely signed on these closings so we need to see what influence, if any, in the next few months that it had on sales.

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