US Existing Home Prices Still Climbing

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The number of existing homes sales in the US dipped in June, but the prices of homes continued to climb, according to data released today from the National Association of Realtors.

Completed transactions slipped 1.2 percent from May, as the seasonally adjusted annual rate moved to 5.08 million from 5.14 million in May. But the volume of sales was still 15.2 percent higher than June of 2012.

Meanwhile the median price for a home increased to $214,200, up 13.5 percent from June 2012. Prices have now gone up for 16 consecutive months, NAR reports.

Distressed home sales - including foreclosures and short sales - accounted for 15 percent of June sales, down from 18 percent in May. The percentage was down from 26 percent in June, 2012, and the lowest since NAR began tracking distressed data in October 2008.  

"Affordability conditions remain favorable in most of the country, and we're still dealing with a large pent-up demand," said Lawrence Yun, NAR's chief economist.  "However, higher mortgage interest rates will bite into high-cost regions of California, Hawaii and the New York City metro area market."

The median time on market for all homes was 37 days in June, down from 41 days in May, and is 47 percent faster than the 70 days on market in June 2012. Of the different housing types, condominium increased the most, rising to $210,200 in June, up 15.4 percent from June 2012.