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IPFS News Link • Housing

Existing Home Sales Rebound By Most Ever In June (But Miss Expectations Despite Record Low Rates)

• Zero Hedge - Tyler Durden

Existing home sales were expected to play a big catch up in June after significantly disappointing in May as pending- and new-home-sales rebounded strongly from the March/April plunge during lockdowns. Existing Sales did rebound strongly - up 20.7% MoM - a record MoM rise but that was less than expectactions of a 21.4% rise and left sales down 11.3% YoY...

Source: Bloomberg

This pushed Existing Home Sales SAAR back up to 4.72mm...

Source: Bloomberg

The median existing-home price for all housing types in June was $295,300, up 3.5% from June 2019 ($285,400), as prices rose in every region. June's national price increase marks 100 straight months of year-over-year gains.

"The sales recovery is strong, as buyers were eager to purchase homes and properties that they had been eyeing during the shutdown," said Lawrence Yun, NAR's chief economist.

"This revitalization looks to be sustainable for many months ahead as long as mortgage rates remain low and job gains continue."