U.S. existing-home sales fall in June to lowest level since January
The numbers: A persistent lack of homes for sale combined with strong home-buying demand pushed home prices up in June to the highest level in a year.Sales of previously owned homes fell by 3.3% to an annual rate of 4.16 million in June, the National Association of Realtors said Thursday.
Homes listed for sale remained on the market for 18 days on average, unchanged from the previous month. Last June, homes were only on the market for 14 days. Big picture: The housing market has recovered, but with inventory at record lows, the big question is whether it is sustainable.Builders were responding to the lack of inventory by ramping up home-building, but new housing units may not be enough to address the shortage of homes for sale.
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