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'Drastic Imbalances' Push Existing Home Prices to Record High

Wednesday, July 22, 2015

There was unabashedly good news from the National Association of Realtors® (NAR) this morning.  Not only were existing home sales in June at the fastest pace in over eight years but the median price of an existing home exceeded the price peak established before the housing crisis.  Sales gains as well as price increases were broad based, affecting all four regions of the country.

Total existing homes sales, including those of single-family residences, condos, townhomes, and cooperative apartments, were at a seasonally adjusted annual rate of 5.49 million units in June, a 3.2 percent increase from May and 9.6 percent higher than in June 2014.  Sales in May, originally estimated at a rate of 5.35 million units did suffer a slight downward revision to 5.32 million.

 

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