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Economy in Brief

Existing Home Sales Fell Again in June, Lowest Since 2002
by Tom Moeller July 25, 2007

Sales of existing homes fell again in June. The 3.8% to 5.750M units to the lowest level since November 2002. Sales were down 20.2% from the peak during September of 2005.

Sales of single family homes fell a sharper 3.5% last month after a 1.0% decline in May. Sales were 20.5% lower than during the peak month of September 2005.

By region, single family home sales fell 5.3% (-10.0% y/y) in the Northeast. Out West sales dropped 6.5% (-19.4% y/y) in June. Sales in the Midwest dropped 3.2% (-8.3% y/y) and down South sales fell 1.4% (-11.1% y/y).

The inventory of single family "homes on the market" dropped 2.7%. The decline was the only the first this year and inventories were up 12.7% from last year.

The median price of an existing single family home rose 3.8% but versus last year, the price of $230,300 was up just 0.1%.

The broad aggregate data on existing home sales are included in Haver's USECON database; details about prices by region and inventories are available in the REALTOR database.

Comparing the prime and subprime mortgage markets from the Federal Reserve Bank of Chicago is available here.

Existing Home Sales (SAAR, 000s) June May Y/Y 2006 2005 2004
Total Sales 5,750 5,980 -11.4% 6,510 7,065 6,727
Single-Family Sales 5,010 5,190 -12.1% 5,708 6,182 5,914
Median Single-Family Home Price (NSA,000s) $230.3 $221.9 0.1% $221.9 $217.5 $192.8
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