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Slight Drop in Real Estate Activity in U.S. Existing-Home Market in June 2013

Slight Drop in Real Estate Activity in U.S. Existing-Home Market in June 2013

According to the National Association of Realtors (NAR), U.S. existing-home sales dipped by 1.2 per cent in June 2013 compared to the previous month to reach 5,140,000 units (seasonally adjusted and annualized data) but increased by 15.2 per cent compared to the 4.41 million-unit level in June of last year. 


Source: National Association of Realtors


According to NAR, the median price of existing homes in the United States, for all housing types, was $214,200 in June 2013, a 13.5 per cent increase compared to June 2012. This was the 16th consecutive year-over-year increase in median price. The last time this occurred was from February 2005 to May 2006.

Like in previous months, the decrease in distressed sales (sales concluded at a sale price following a current or completed seizure of a property) among total sales, which fell from 26 per cent in June 2012 to 15 per cent in June 2013, contributed to the increase in median price.


Source: National Association of Realtors


To view the official NAR press release, click here.


Details About the United States Resale Market

Figures on existing home sales in the United States are published every month by the National Association of Realtors (NAR). They are expressed on a seasonally adjusted and annualized basis, which represents what the annual sales level would be if the sales pace of the current month is maintained for a full year. As we do here for the Québec resale market, the NAR publishes the median price of properties sold, rather than the average price.

The Resale Market in the United States and the Resale Market in Québec

The evolution of the U.S. resale market is a good point of comparison with real estate activity in Canada and Québec. Activity on the U.S. resale market may affect the housing market in Canada and Québec due to its potential influence on consumer confidence here in Canada. For example, a difficult situation on the U.S. real estate market may have a negative impact on Canadian consumer confidence, as consumers here may worry about a potential deterioration of Canada’s real estate activity.

- See more at: http://www.fciq.ca/Nouvelles_economiques/ReventeUS_EN.html#sthash.ewq0V2p3.dpuf