This morning, the National Association of Realtors (NAR) announced total existing-home sales (including single-family, townhomes, condominiums and co-ops) rose 2.7 percent in June. Sales were 4.4 percent above the 7.02 million-unit level in June 2004; the previous record was 7.18 million in April of this year.

"Existing home sales in June outperformed May, but that is to be expected when you examine the influencing factors," says Bob Walters, Chief Economist for Loans. "The summer months are still a prime home buying season as families try to relocate before the next school year, the economic and unemployment picture is improving, and mortgage rates continue to be near historic lows, making home ownership an accessible option for many people. Combine all those elements and we see existing home sales moving up in the months to come en route to another strong year for housing."

Publish Date: 07/26/2005