Total existing home sales rise again in June
WASHINGTON — Boosted by a greater share of sales to first-time buyers not seen in nearly four years, existing-home sales maintained their upward trajectory in June and increased for the fourth consecutive month, according to the National Association of Realtors. Only the Northeast saw a decline in closings in June, and sales to investors fell to their lowest overall share since July 2009.
Total existing-home sales, which are completed transactions that include singlefamily homes, townhomes, condominiums and co-ops, climbed 1.1 percent to a seasonally adjusted annual rate of 5.57 million in June from a downwardly revised 5.51 million in May. After last month’s gain, sales are now up 3 percent from June 2015 (5.41 million) and remain at their highest annual pace since February 2007 (5.79 million).
Lawrence Yun, NAR chief economist, said the impressive four-month streak of sales gains through June caps off a solid first half of 2016 for the housing market. “Existing sales rose again last month as more traditional buyers and fewer investors were able to close on a home despite many competitive areas with unrelenting supply and demand imbalances,” he said. “Sustained job growth as well as this year’s descent in mortgage rates is undoubtedly driving the appetite for home purchases.”
On the local front, Queen Anne’s County has seen an increase in the median price of a home. According to Merry Tobin, president of the Bay Area Association of Realtors, “The housing market has been very strong this year. We’ve seen an increase in sales as well as the average median price of a home. In June of 2015, the median price was $305,000. This year has seen an increase to $323,000. That’s a 6.1 percent increase, which is a good sign, but is also an indication that we need to get more houses on the market. Our market inventory has reduced since this time last year. ”
The Bay Area Association of Rrealtors has provided education and support to more than 320 Realtors in Queen Anne’s, Kent and Caroline counties for the past 40 years. Their website is www.bayarearealtors.com.