Highlights
Higher prices and strong sales early in the year aren't helping ongoing sales of existing homes which fell a surprising 5.4 percent in June to a 4.37 million annual rate which is the lowest of the year. Declines appear for both single-family homes and condos and declines sweep all regions.

But prices are higher, at least the median for this series which is up a strong 5.0 percent from May for a year-on-year plus 7.9 percent. The median price, at $189,400, is the highest in 2 years. Higher prices may be holding down sales but the rise, if confirmed in other data, is good news for homeowners whose equity has plunged over the past 4 years.

June's weak sales total raised supply on the market to 6.6 months at the current sales rate from 6.4 months. The report notes that distressed properties are still weighing down the markets in the Midwest and Northeast. This report marks a step backwards for the housing sector which had been enjoying a small run of positive news.

Market Consensus before announcement
Existing home sales dipped 1.5 percent in May to a 4.55 million annual rate. This followed a 3.4 percent boost the prior month. However, the rate opened the year at 4.63 million in January but has not netted any gain. The unseasonably warm weather at the beginning of the year, when sales were at their highest, likely pulled sales into the winter from the spring. Supply was a positive, rising only slightly at the current sales rate to 6.6 months.

2012 Release Schedule

Released On: 1/20 2/22 3/21 4/19 5/22 6/21 7/19 8/22 9/19 10/19 11/19 12/20 Release For: Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov