June sales up, inventory improves

The National Association of Realtors (NAR) reports that sales of existing home rose by 1.4 percent in June, the first increase in 4 months. According to the NAR, inventory was up slightly to 1.25 million existing homes for sale – a 2.6 month supply, up form May’s 2.5 month supply.

Analysts also cited a slight softening in demand. Prices are expected to continue to rise throughout the year but the pace of appreciation should be slower by the end of the year.

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