Home Prices Still Rise After Existing Homes Sales Slow in June

NAR told us yesterday that June's Existing Home Sales slipped (no inventory and lack of first time home buyers!), but that prices continue to move higher. Existing-home sales unexpectedly fell 1.2%, but still had the second-highest level of sales since November 2009, and are 15.2% higher from a year ago. The national median existing-home price was $214,200 in June, up 13.5% from June 2012, making for 16 consecutive months of year-over-year price increases.  The median time on market for all homes was 37 days in June, down from 41 days in May, and is 47 percent faster than the 70 days on market in June 2012. Short sales were on the market for a median of 68 days, while foreclosures typically sold in 39 days and non-distressed homes took 35 days. Forty-seven percent of all homes sold in June were on the market for less than a month.