NAR: Existing Home Sales Fall Unexpectedly
A day after some optimistic news on the housing front, the National Association of Realtors (NAR) reported that existing home sales unexpectedly dropped last month.
NAR reported this morning that existing home sales, which consist of closed transactions on single-family homes, townhomes, condos and co-ops, dropped 0.8 percent between May and June. Sales in the Midwest and South regions (the latter where DC is located) actually rose slightly, but the increases were offset by sales dropping in the West and Northeast regions.
NAR economist Lawrence Yun also stated that there was “an unusual spike in contract cancellations in the past month,” noting that the reasons for the cancelled contracts were unclear, but that tight credit and low appraisals were partly to blame.
This news is in stark contrast to what has been happening locally. Last month, 5,124 home purchase contracts were signed in the DC area, the highest total for the month of June since 2005, according to data released today by RealEstate Business Intelligence (RBI), the research arm of Metropolitan Regional Information Systems (MRIS). When the report came out, RBI analyst Jonathan Miller told UrbanTurf that, while optimistic, the contract numbers were representative of historical home sales patterns for the spring and a return to a more stable market for the region.
See other articles related to: existing home sales, home buying, national association of realtors
This article originally published at https://dc.urbanturf.com/articles/blog/nar_existing_home_sales_fall_unexpectedly/3832.
Most Popular... This Week • Last 30 Days • Ever
The big news in the development pipeline east of DC's H Street Corridor is the resur... read »
In this article, UrbanTurf looks at the estimated annual maintenance costs associated... read »
Today, UrbanTurf is examining one of our favorite metrics regarding competition in th... read »
Another concept has been unveiled for one of DC's most contentious development sites,... read »
The residential development in the works along Florida Avenue NE is looking to increa... read »
- The 4 Projects In The Works Near DC's Starburst Intersection
- What Are the Annual Maintenance Costs When You Own a Home?
- The 6 Places In The DC Area Where You Aren't The Only One Bidding On a Home
- A First Look At The New Plans For Adams Morgan's SunTrust Plaza
- 46 to 48: The Biggest Project In Trinidad Looks To Get Bigger
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro