Home Sales Exceed Projections

Dated: 07/23/2014

Views: 770

National Association of REALTORS - According to the National Association of REALTORS®, existing home sales surpassed both May sales and expectations for June. Sales of previously owned homes increased by 2.60 percent in June and reached a seasonally adjusted annual level of 5.04 million sales. June’s reading was the third consecutive monthly increase in sales of existing homes and was the highest reading for existing home sales in eight months. 

Existing home sales remain 2.30 percent below the June 2013 reading of 5.16 million sales of existing homes. 
Analysts projected sales of 5 million existing homes for June against May’s initial reading of 4.89 million sales of previously owned homes; the May reading was later revised to 4.91 million sales.

Lawrence Yun, chief economist for the National Association of REALTORS® said that market conditions are becoming “more balanced,” and noted that inventories of existing homes are at their highest level in over a year and that price gains have slowed to much more welcoming levels in many parts of the country.
Housing Market Headwinds Declining - After a particularly harsh winter and lagging labor reports, analysts forecasted lower annual sales of existing homes for 2014 than for 2013. Labor markets are stronger according to recent labor market reports and a declining national unemployment rate. Steady work is an important factor for families considering a home purchase; as labor markets improve, more would-be homeowners are expected to become active buyers.
Housing markets are not without challenges - In recent unrelated reports, the Federal Reserve has noted higher than anticipated inflation may cause the Fed to raise its target Federal Funds rate in the next several months. Gas and food prices, important components of consumers’ household budgets continue to rise and could slow save toward a home for some families. Steve Brown, president of the National Association of REALTORS®, said that first-time and moderate income buyers continue to deal with affordability due to increased FHA costs and tight mortgage credit. Relief may be in sight as a slower pace of home price growth suggests that more buyers may be able to afford homes.
FHFA House Price Index Reports Gain in May Home Sales - 
FHFA released its May index of home sales connected with mortgages owned or backed by Fannie Mae and Freddie Mac. The index posted a month-to-month gain of 0.40 percent in May and a year-over-year gain of 5.90 percent year-over-year. FHFA said that increased sales were driven by a 9/60 percent increase in sales in the Pacific region and that average home prices remain 6.50 percent below April 2007.

National Association of REALTORS



Posting on Behalf of Tommy Bearint with Waterstone Mortgage.  Contact Tommy at 813-786-1941 or [email protected] for more details, or apply online at www.MortgagesByTommy.com.
Blog author image

Janeth Rector

Janeth is dedicated to providing her clients with only the highest standards for customer service. She takes pride on being an expert in bringing home buyers and home sellers together throughout the T....

Want to Advertise on this Site?

Latest Blog Posts

This Month At Keller Williams July 2018

Temperatures are rising but electricity bills don't have to. Here are tips to help Florida homeowners save energy and money this.

Read More

Where To Live In The South Tampa Area

If you are thinking about buying in South Tampa, the main consideration is what type of home and area you would like to have and live in:South Tampa Area:  The South Tampa area is one of the

Read More

You Do Not Have To Spend A Million Dollars To Have An Ocean View In Tampa Bay Area

Tampa Bay is one of the only areas left in the U.S. where you don't need $1M to get oceanfront property. There are many areas sought after were you can get a condo on the gulf under a million. The

Read More

Luxury Equestrian Home For Sale In Tampa Bay FL

Luxury Equestrian Home For Sale in Tampa Bay FloridaCheck out this spectacular 2011 custom built 11,264 sq. ft. 4.71-acre gated luxury estate with 4 bedrooms, 4.5 bathrooms, 5,500 heated sq. ft. and

Read More