Second-hand home sales in the US at 5-month low

Second-hand home sales in the US fell 3.3 percent month on month in June, falling to a 5-month low. Housing prices reached the second highest level since January 1999 during this period.

National Association of Realtors (NAR) announced second-hand home sales data for June.

Accordingly, second-hand house sales in the country decreased by 3.3 percent on a monthly basis, adjusted for seasonal effects, to 4.16 million.

Second-hand house sales, which fell to its lowest level since January, were expected to realize at the level of 4.20 million in this period. Second-hand home sales were recorded as 4.30 million in May, an increase of 0.2 percent.

Second-hand house sales in the country decreased by 18.9 percent in June compared to the same month of the previous year.

Median home prices in the second-hand market in the US reached $410,200 in June, the second highest since January 1999, when data began to be released.

The median house prices in the second-hand market in the country recorded an all-time high of $413,800 last year.

NAR Chief Economist Lawrence Yun, whose views were included in the statement, reported that there was a 23 percent decrease in second-hand housing sales in the first half of the year.

Yun stated that suppressed demand will emerge soon, especially if mortgage (home loan) interest rates and housing stock move positively.

Pointing out that there are not enough houses for sale, Yun said that house sales decreased, but house prices remained strong in most parts of the country.