The US housing market continued its downward slide into June, as resales of homes and condos fell 2.6% for the month. Sales fell from a seasonally adjusted annualized rate of 4.98 million in May to 4.86 million in June. It is at its lowest level in 10 years. The number was well below expectations, as economists estimated sales at a rate of 4.95 million. Resales of US homes have fallen 15.5% in the past year.
Regionally, resales fell 6.6% in the Northeast, 3.4% in the Midwest, and 3.1% in the South. Resales rose 1% in the West.
Inventories of unsold homes increased for the month, gaining 0.2% to 4.49 million units for sale. That represents a 11.1-month supply, the second highest inventory level since the 1980s.
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