Housing Market Breakdown
The NAR announced that sales of existing homes in the United States fell 1.3% in June to its slowest level since January. However, the national median existing home price for all types of housing was $231,000 which was up 0.9% from the June 2005 median price of $229,000. Inventories of unsold homes rose to 6.8 months of supply — the largest since July 1997.
Condominium and cooperative sales also fell 5.5% in June. The median existing condo price fell 2.1% from a year earlier to $226,900, and the supply of unsold units swelled to a record 8.0 months from 7.7 months in May.
Regionally:
In the West: existing home sales and median home price remained relatively unchanged. Condo prices were down 10.8%.
In the Midwest: sales were relatively flat with median sale prices also slightly down. Single family prices were down 2.4% and condo prices were down by 0.3%.
In the Northeast: sales declined 3.5%, however, the median sales price rose 7.2% from a year ago. Condominium prices were also up 6.0%.
In the South: sales fell 2.3% with the median sales price falling 0.5%. Single family home price edged up 0.2% and condo prices fell 8.1%.