Mixed Signals: Sales Of Existing Homes Dipped, But Prices Rose

Jul 19, 2012

While sales of existing homes fell 5.4 percent in June from May, their median price was up 7.9 percent from a year earlier.

In addition, the National Association of Realtors reports, the supply of existing homes available for sale continued to shrink — including the number of "distressed" homes on the market because of foreclosures.

But while NAR chief economist Lawrence Yun says a shrinking inventory and higher prices are together a bigger story than the monthly decline in sales, The Wall Street Journal calls the news "a sign of weakness for a part of the economy that has been showing life."

Reuters concludes the report offers "mixed signals" about the housing sector.

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