Existing Home Sales And Inventory Levels Fall In June

July 25, 2017

The average American continues to have a tough time finding an available home for sale.

CBS News reports that, in June, existing home sales dropped 1.8 percent to a seasonally adjusted annual rate of 5.52 million, and number of sales listings decreased 7.1 percent on an annual basis to 1.96 million.

The median price for an existing home is up 6.5 percent to $263,800, up from $248,000 a year ago.

"Sales have now made no progress over the past year, even as robust housing demand means those homes that are on the market are selling at a record pace," said Matthew Pointon, property economist, with Capital Economics, in a report.

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