Real Estate Prices Stabilize & Sales Volume Continues To Decline

The National Association of Realtors is reporting that existing home sales in June eased due to contract cancellations while prices continued to stabilize.  The strongest areas of the country are the South and the Midwest.  Total existing home sales declined 0.8% for the month and were down 8.8% over last year.  June 2010 was also the closing deadline for the home buyer tax credit.  Contract cancellations spiked in June 2011 with 16% of NAR respondents reporting a sales contract cancelled.  The percentage of distressed sales (foreclosure and short sales) declined to 30% of total sales from 32% in June 2010.  Total housing inventory increased 3.3% to a 9.5 month supply at our current sales rates.


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