Sales of existing homes fell in June, according to new data released by the National Association of Realtors. The decline was mostly due to falling sales in the South and West. The Northeast saw increases and the Midwest was unchanged from the previous month. But though sales of previously owned homes were down 3.3 percent from one month earlier, it doesn't mean buyers weren't active. In fact, homes continued to sell quickly, with 76 percent selling in less than a month. The typical home was on the market just 18 days.
Lawrence Yun, NAR's chief economist, says home prices are also holding firm. “Home sales fell but home prices have held firm in most parts of the country,” Yun said. “The national median home price in June was slightly less than the record high of nearly $414,000 in June of last year.” In other words, home sales were down in June but the market remains strong and competitive, mostly due to too few homes available for sale.
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