Steel Markets
July 22, 2014
Existing Home Sales Up 2.6 Percent in June
Written by Sandy Williams
Existing home sales rose 2.6 percent to a seasonally adjusted rate of 5.04 million in June according to a report by the National Association of Home Realtors. Sales were at the highest rate since October 2013 but 2.3 percent below the rate in June 2013.
“Inventories are at their highest level in over a year and price gains have slowed to much more welcoming levels in many parts of the country,” said Lawrence Yun, NAR chief economist. In order to have a balanced market, however, Yun says new home construction needs to rise by at least 50 percent to correct supply shortages, especially in the West, that are pushing prices higher.
