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US home sales drop but prices skyrocket
Source: Agencies |
July 23, 2013, Tuesday
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UNITED States home resales unexpectedly fell in June after two straight months of hefty increases, but a surge in prices to a five-year high suggested the housing market recovery is on course.
The National Association of Realtors said yesterday home sales fell 1.2 percent to an annual rate of 5.08 million units. Still, sales remained the second highest since November 2009.
May's sales pace was revised down to 5.14 million units from the previously reported 5.18 million units. Economists had expected sales to rise to a 5.25 million unit pace in June.
Sales were up 15.2 percent from their year-ago level.
The NAR said a spike in mortgage rates, in anticipation of the Federal Reserve starting to reduce its massive monetary stimulus later this year, had probably dampened sales in June.
The 30-year mortgage rate increased 0.53 percentage point to 4.07 percent in June from May, the highest level since October 2011. Still, they remain low and Fed Chairman Ben Bernanke expressed optimism the housing market recovery would continue.
The median price for a previously owned home soared 13.5 percent from a year ago to US$214,200, the highest since June 2008. Prices are being boosted by still-lean inventories.
The National Association of Realtors said yesterday home sales fell 1.2 percent to an annual rate of 5.08 million units. Still, sales remained the second highest since November 2009.
May's sales pace was revised down to 5.14 million units from the previously reported 5.18 million units. Economists had expected sales to rise to a 5.25 million unit pace in June.
Sales were up 15.2 percent from their year-ago level.
The NAR said a spike in mortgage rates, in anticipation of the Federal Reserve starting to reduce its massive monetary stimulus later this year, had probably dampened sales in June.
The 30-year mortgage rate increased 0.53 percentage point to 4.07 percent in June from May, the highest level since October 2011. Still, they remain low and Fed Chairman Ben Bernanke expressed optimism the housing market recovery would continue.
The median price for a previously owned home soared 13.5 percent from a year ago to US$214,200, the highest since June 2008. Prices are being boosted by still-lean inventories.
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