Housing sales fell by less than forecast

Total existing home sales fell by less than forecasts, declining 5.1% to 5.37 million units in June from 5.66 million units in May. Single-family existing home sales declined 5.6% in June, while condo sales fell 1.5%.

The number of total existing homes for sale rose 2.5% in June and the months’ supply of homes for sale increased to 8.9 months from 8.3 months.

Given the extension of the homebuyer tax credit closing deadline, home resales will likely continue to be supported by this program during the third quarter. It will be a few months, therefore, before we can judge the underlying level of demand for existing home


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