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| U.S. home prices rise, sales decline in June, NAR says  Sales of existing homes fell in June with some potential buyers staying on the sidelines, but prices rose modestly as inventories eased, according to the National Association of Realtors. Total existing-home sales – including single-family, townhomes, condominiums and co-ops – declined 3.8 percent to a seasonally adjusted annual rate of 5.75 million units in June from a downwardly revised level of 5.98 million in May, and are 11.4 percent below the 6.49 million-unit pace in June 2006.Lawrence Yun, NAR senior economist, said some consumers are uncertain. "Home buyers have been getting mixed signals about the housing market, which is causing some of them to hesitate, " he said. "Mortgage interest rates have risen recently, and tightening lending standards are continuing to hamper sales, but fewer risky loans will put the market on a healthier path. Although general buying conditions remain favorable for long-term home buyers, it appears some buyers are looking for more signs of stability before they have enough confidence to make an offer." write your comments about the article :: © 2007 Construction News :: home page |