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Disappointing news for the domestic consumer moving segment in the United States as sales of previously owned homes dropped 2.4% from May, although home sales continue to be strongest in the higher end of the market.
As housing analysts predicted a gain over the previous month, the figures from the National Association of Realtors (NAR) came as a surprise, as high mortgage rates combined with record-high home values resulted in many homebuyers continuing to sit on the sidelines.
In more positive news for the challenging household goods moving market, sales for homes valued between US$750,000 and US$1 million were up nearly 14% from the year before, and sales of homes priced above US$1 million were up 18%. Overall, June home sales were 2.8% higher than the same month last year.
“The back-and-forth monthly home sales activity, driven by mild fluctuations in mortgage rates, shows how sensitive homebuyers are to affordability conditions,” said Lawrence Yun, NAR chief economist. “However, job gains, which amount to more than half a million since the beginning of the year, will continue to provide support for the housing market,” he added.
IAM Member Impact: The overall existing-home sales dip confirms the mainstream housing market remains constrained with nothing to suggest a near-term rebound. The 14% to 18% jump at the upper end of the market should reflect larger and higher-valued moves.
Source: CNBC