Existing Home Sales Up 6.4% in West

home sales

The National Association of Realtors (NAR) reported today that existing home sales were up for a third month in a row.  Nationally, existing home sales increased 3.6 percent to a seasonally adjusted annual rate¹ of 4.89 million units in June from a downwardly revised pace of 4.72 million in May, but are 0.2 percent lower than the 4.90 million-unit level in June 2008. Plus, home inventories eased and home prices were declining less sharply in June.

Existing-home sales in the West improved by 6.4 percent to an annual rate of 1.16 million in June, and are 11.5 percent higher than June 2008. The median price in the West was $214,800, which is 24.9 percent below a year ago.

NAR President Charles McMillan,  said: “Despite some of the challenges, the housing market continues to demonstrate signs of recovery. The temporary first-time buyer tax credit is clearly helping people make a decision and is contributing to the overall stimulus impact, but since it’s taking longer to close transactions, many would-be beneficiaries may not be able to take advantage of the credit before the December 1 expiration date. As a consequence, consumers need the expertise of Realtors® more than ever to navigate both the obstacles and opportunities in today’s market.”                                                                                                                             San Diego home sales