Sales of existing homes in June fell 15.9% from the same month last year to a seasonally adjusted annual sales rate of 4.86 million units. Single family existing home sales dipped 14.8% to a 4.27-million-unit sales pace, according to the National Association of Realtors.
Through the first half of 2008, some 2.39 million existing homes have been sold, down 16.7% from the same period of 2007. At the present sales pace, there is an 11.1-month inventory of unsold homes on the market, 22.0% higher than inventory levels at this time last year.
Median sales price of an existing home in June was $215,100, down 6.1% from June of 2007.