The National Association of Realtors reported that the June Existing Home Sales dropped a mild -0.8% from May. But there were some bright spots in this report:
Single family home sales actually moved upward slightly at a annualized pace of 4.24 million units. The national median price actually increased +0.6% to $184,600 from a year ago. So, the pace of home sales was off from a year ago - but the average price moved upward.
In a seperate report, the U.S. Commerce Department said that new housing starts rose +14.6% to a seasonally adjusted annual rate of 629,000 units which is the best level in six months. Permits issued for future construction rose +2.5%. This data shows that the new construction segment of the market is starting to pick up but at a much needed mild pace. The markets can not handle a large injection of new inventory, so it is welcome news to see slow growth in this sector.
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