June existing home sales slightly bested expectations. The above graph tracks the median sales price versus the amount of existing home inventory since January, 2008. I am less impressed by the month over month improvement than I am by the year over year performance. June's combination of seasonal factors, pricing and mortgage rates was enough to lure the most buyers into the market in over 12 months (and mortgage rates hit their highs in June)*.
*based on actual number of sales recorded for that month (not annualized)
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