In May, sales of previously owned homes hit a 5-month high. But, according to newly released numbers from the National Association of Realtors, June saw sales back off a bit. The group’s latest Existing Home Sales Report shows sales fell 2.4 percent last month from the month before – though they remain 3 percent higher than year-before levels. Dr. Lawrence Yun, NAR’s chief economist, says buyers are sensitive to affordability fluctuations this year. “The back-and-forth in monthly home sales activity, driven by mild fluctuations in mortgage rates, shows how sensitive home buyers are to affordability conditions,” Yun said. “However, job gains – more than half a million since the beginning of the year – will continue to provide support for the housing market.” Affordability remains challenging. For example, the median home price hit an all-time high of $440,600 in June. But while challenges remain, overall affordability has improved from last year, with gains seen in all regions of the country, according to the NAR’s latest report. (source)
