After stumbling in April and May, existing-home sales continued to slip in June compared to the month before, according to the latest monthly report from the National Association of Realtors.
Completed sales of existing single-family homes, townhomes, condominiums and co-ops dipped 0.8 percent to a seasonally adjusted annual rate of 4.77 million in June from 4.81 million in May, the report said. Sales fell 8.8 percent compared to June 2010, the scheduled closing deadline for a federal homebuyer tax credit program.
Lawrence Yun, NAR’s chief economist, said in a statement that there was “an unusual spike” in contract cancellations last month. “The underlying reason for elevated cancellations is unclear, but with problems including tight credit and low appraisals, 16 percent of NAR members report a sales contract was canceled in June, up from 4 percent in May, which stands out in contrast with the pattern over the past year,” Yun said.
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