Buyer activity for houses has fallen significantly for June as stock is on the rise. While there is some good news for the industry, it isn't likely to continue at the rate, currently.
Existing home sales dipped to a seasonally adjusted annual rate of 3.89 million to represent a 5.4 percent drop for the month, according to a report from The National Association of Realtors. In addition, the percentage dip was the same compared to a year ago.
The declines were led by a few major U.S. regions. The Midwest suffered the biggest dip month-over-month, sliding eight percent to 920,000. Plus, sales in the region were down 6.1 percent from the same month a year ago. The Midwest was followed by the South and the West, whose home sales fell 5.9 percent and 2.6 percent, respectively month-over-month The Northeast slipped the least at 2.1 percent.
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