MF Leads As Existing-Home Sales Surge
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Yun sees “declining affordability” for prospective buyers.
WASHINGTON, DC—For-sale apartments, including condominiums and cooperatives, led the way as existing-home sales increased last month to their fastest pace since before the downturn, the National Association of Realtors said Wednesday. Sales of condos and co-ops rose 6.6% in June from May’s annualized rate of 610,000 units. That’s up 8.3% from a year ago and the highest pace since the annualized 680,000 units recorded in May 2007.
Total existing-home sales, which also include single-family homes and townhouses, increased 3.2% to a seasonally adjusted annual rate of 5.49 million in June from a downwardly revised 5.32 million in May. Sales are now at their highest pace since February ’07. Single-family homes lagged multifamily, rising 2.8% over the previous month, although the median sales price for existing single-family homes rose faster on a year-over-year basis than that of condos…
