Existing-home sales decreased for the third straight month in June the National Association of Realtors said Monday.
The National Association of Realtors said on Monday existing home sales fell 0.6 percent to a seasonally adjusted annual rate of 5.38 million units last month. May’s sales pace was revised down to 5.41 million units from the previously reported 5.43 million units.
Declines in the South and West exceeded sales gains in the Northeast and Midwest while the supply and demand imbalance helped push June’s median sales price to a new all-time high, the association said.
The number of homes on the market increased by a 0.5 percent from a year ago to 1.95 million. But the slight improvement comes the median sales price in June increased 5.2 percent from a year ago to $276,900.