Existing Home Sales Advance. Concerns Over HVCC Growing

First-time homebuyers and the sales of distressed properties helped drive the pace of Existing Home Sales up for the third consecutive month in June. Sales advanced 3.6% in the month, in line with estimates, to an annual rate of 4.89 million units.

“The increase in existing-home sales occurred in all major regions of the country,” said Lawrence Yun, chief economist at the National Association of Realtors, who compile the data. He said sales should continue upwards “due to tax credit incentives and historically high affordability conditions.” 

Key Data:

• Single-family home sales rose 2.4% to a pace of 4.32 million in June. That's 0.2% below June 2008 levels.
• The national average for a 30-year mortgage rose to 5.42% in June from 4.86% in May. In June 2008 the 30-year rate was 6.32%.
• Total housing inventory June fell 0.7% in June to 3.82 million homes for sale â€