U.S. Existing House Sales Unexpectedly Fall 1.2%
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2013 Jul 22, 8:15am 404 views 0 comments
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Previously owned home sales fell unexpectedly in June as tight supply and increasing rates for mortgages imperiled the real-estate market recovery in the U.S.
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First-time buyers are having difficulty finding properties for less than $100,000 as a lack of inventory pushes up property values, and higher mortgage rates are also starting to cool demand for more expensive houses in the West and Northeast, the real-estate agents group said.
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About 47 percent of Realtors surveyed in June said they had potential sellers who were waiting for prices to increase further before putting their houses on the market, according to the NAR’s report.
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First-time buyers accounted for 29 percent of sales last month, down from the more typical 40 percent to 45 percent, according to the agents’ group. Sales of homes priced at less than $100,000 made up 14.7 percent of the market in June, down from 24.1 percent as recently as February, the NAR said.
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