Home Sales Up 3rd Month in a Row

Existing-home sales rose for a third month in a row in June. NAR believes that prices may stabilize in many areas by the end of the year so long as inventories continue to decline.

Sales of resale homes, including single-family homes, townhomes, condominiums and co-ops, rose 3.6 % from May to June, to a seasonally adjusted annual rate of 4.89 million units — virtually the same as a year ago, NAR said.

“If we can keep the volume of sales above the level of new inventory, prices could stabilize in many areas around the end of the year,” said NAR Chief Economist Lawrence Yun in a press release.