Total existing home sales declined 5.4% to a seasonally adjusted annual rate of 4.37 million in June from 4.62 million the month before. Existing sales in June were 4.5% higher than the 4.18 million units sold a year earlier.
The month of June was somewhat of a challenge for first-time homebuyers looking to jump back into the market, pushing existing home prices higher. These same buyers created a strange dichotomy in the market, with many of them finding it difficult to locate affordable homes in the property inventory.
This lack of viable options stymied overall home sales growth in June, the National Association of Realtors said Thursday. At the same time, pent-up demand and lower levels of inventory bouyed prices.
Read More: Home prices rise, sales fall on limited inventory
Travis Saxton is the marketing and technology manager at REAL Trends. Prior to operating this arm for REAL Trends, Travis was the director of online services for a newspaper consulting company. He greatly enjoys working with real estate companies adapt new cutting edge strategies and perfecting their online presence and systems. He has experience in the following areas: Websites, SEO/SEM, CRM/Lead Generation Systems, Traditional Marketing and Social Media Marketing, Real Estate Technology Consulting.
