Steel Markets
July 25, 2017
Existing Home Sales Slip in June Due to Tight Inventory
Written by Sandy Williams
Low supply muted sales of existing homes in June, said the National Association of Realtors. Sales slipped 1.8 percent last month to a seasonally adjusted annual rate of 5.52 million, the second lowest level this year. Sales were 0.7 percent above the June 2016 rate.
“Closings were down in most of the country last month because interested buyers are being tripped up by supply that remains stuck at a meager level and price growth that’s straining their budget,” said Lawrence Yun, NAR chief economist. “The demand for buying a home is as strong as it has been since before the Great Recession. Listings in the affordable price range continue to be scooped up rapidly, but the severe housing shortages inflicting many markets are keeping a large segment of would-be buyers on the sidelines.”
