US existing home sales fall more than expected in June
US .. home sales fell more than expected in June as a persistent lack of properties pushed prices to a record high, suggesting that the housing market struggled to regain its foot since he hit a soft patch last year.
The National Association of Realtors said on Tuesday existing home sales fell 1.7% to a seasonally adjusted annual rate of 5.27 million units last month. Ma's sales rate was revised higher to 5.36 million units from the previously reported 5.34 million units.
Economists asked by Reuters had predicted that existing home sales would go 0.2% at a rate of 5.33 million units in June. Existing home sales, which account for about 90 percent of US home sales, fell 2.2% from a year ago. It was the 1[ads1]6th straight decline in housing sales.
The weakness of housing comes despite cheaper mortgage rates and the lowest unemployment rate of almost 50 years.
The offer has continued to lag, especially in the lower-price segment of the housing market due to lack of land and labor, as well as expensive building materials. The government reported last week that the permits for future housing construction fell to a two-year low in June.
The 30-year fixed rate rate has fallen to an average of 3.81% from a more than seven-year peak of 4.94% in November, according to data from the mortgage company Freddie Mac. Further falls are likely as the Federal Reserve is expected to cut interest rates next week for the first time in ten years.
Last month, the existing home sales increased in the Northeast and Midwest. They tumbled in the populous South and in the West.
There were 1.93 million previously owned homes on the market in June, up from 1.91 million in May and unchanged from a year ago. The average existing house price increased 4.3% from a year ago to $ 285,7000 in June, a highlight all the time.
During June, the time of sale, it took 4.4 months to get the current stock out, up from 4.3 months in May. An offer of six to seven months is seen as a healthy balance between supply and demand.
