Existing-home sales down in June, boost expected for July

Existing home sales not seasonally adjusted are below the tax credit-boosted level of sales in June 2010 and June 2009, but slightly above the level of June sales in 2008, according to the National Association of Home Builders’ blog.

Last year, sales collapsed in July so NAHB advises to expect a report of a large year-over-year increase in sales announced next month.

The National Association of Realtors (NAR) reported that inventory of existing homes increased in June from May (the normal seasonal pattern), and that inventory is off 3.1 percent from June 2010. Other data sources suggest that the NAR is overstating inventory (inventory will be part of the coming revisions). Inventory is probably down more year-over-year than the NAR reported.

For more information: www.calculatedriskblog.com/2011/07/existing-home-sales-comments-and-nsa.html