OUCH: Existing Home Sales Plunge 5.4%

real estate, for sale sign

Photo: Flickr / billypalooza

Existing home sales unexpectedly fell to 4.37 million in June.This is down 5.4 per cent from 4.62 million in May.

Economists surveyed by Bloomberg were looking for 4.62 million on an annualized basis.

“Despite the frictions related to obtaining mortgages, buyer interest remains solid,” said Lawrence Yun of the National Association of Realtors.  “But inventory continues to shrink and that is limiting buying opportunities. This, in turn, is pushing up home prices in many markets.”

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This is a change from the positive data we got earlier this week.

Yesterday we learned that housing starts jumped to 760k in June from 711k in May.

On Monday, we learned that the NAHB housing market index jumped to 35 from 29 a month ago.  This was the biggest jump in a decade.

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