Breaking News

Existing Home Sales, Prices Hit Record Highs

July 26, 2004
/ Print / Reprints /
ShareMore
/ Text Size+
WASHINGTON (Reuters) - Sales and prices of existing U.S. homes jumped to record highs in June as homebuyers rushed to take advantage of low mortgage rates, a trade association said on Monday.

Sales of previously owned homes rose 2.1 percent to a seasonally adjusted annual rate of 6.95 million units in June from an upwardly revised 6.81 million unit pace in May, the National Association of Realtors said.

Analysts had been expecting a fall to a 6.67 million unit rate.

Meanwhile, the national median home price rose to $191,800, a record high.

"There could be some rush of last-minute buyers realizing this could be their last opportunity to get into the home buying market," said Lawrence Yun, senior economist with the Realtors group.

The number had little initial impact on the financial markets although economists expressed surprise at the magnitude of the rise in sales.

"June is traditionally a big buying month. Mortgage rates are starting to go up, and people who had been waffling about buying a house are deciding they had better jump on board before the ship leaves the dock," said David Wyss, chief economist at Standard & Poor's in New York.

U.S. mortgage interest rates are not far above historic lows but are expected to track higher this year as the U.S. economy gains strength. Already tight inventories dipped to a 4.1-months' supply at the current sales pace.

The limited number of homes for sale has been driving prices higher in recent months. June's record median sales price was up from a record $182,400 in May and was 9.6 percent higher than the median price in June 2003.

"Home price increases are being driven by the fundamentals of strong demand and lean supply," Yun said.

Did you enjoy this article? Click here to subscribe to i Cleaning Specialist Magazine.

You must login or register in order to post a comment.

Multimedia

Videos

Image Galleries

The 2013 Experience Convention & Trade Show

A look back in photos at the 2013 Experience Convention & Trade Show in Las Vegas.

THE MAGAZINE

ICS Cleaning Specialist Magazine

cover_image

2014 April

Take a look at the April 2014 issue with features on air movers, going green, carpet cleaning and new products & technologies.

Table Of Contents Subscribe

Social Media

Social media is a good way to regularly keep in touch and interact with current clients and reach potential ones. What social mediums do you use in your cleaning/restoration business?
View Results Poll Archive

THE ICS STORE

Get Paid! book cover
Get Paid! (ebook)
Over 30 authors – over 40 articles…from attorneys, contractors, consultants, instructors and others, both inside and outside the restoration industry. R & R, C & R and Cleanfax, opened their archives and gave us the best they had, other chapters were created just for the “Get Paid!” book and its readers. And every one of them has ideas for how to get paid what you are owed.

More Products

ICS DIRECTORY AND BUYING GUIDE

Director_Buyer.jpgThe premier resource and reference guide for the cleaning and restoration industries.

Click here to view

TRUCKMOUNT EQUIPMENT AND ACCESSORIES GUIDE

Truckmount.jpgEquipment listings and specifications from the leading industry manufacturers.

Click here to view

STAY CONNECTED

facebook_40.png twitter_40px.png youtube_40px.pngcrc logo