Sales of existing homes soared in the Northeast.
In a role reversal, sales of existing homes, along with prices, spurted in many Northeastern states in the second quarter while sales in many Sun Belt states plummeted, according to a new survey by the National Assn. of Realtors. Other housing analysts said the data for existing-home sales mirrored a pattern developing in the construction and sale of new homes. “There is no question that sales are down in many Southern and Western states, primarily the big energy states such as Texas,” said Michael Sumichrast, chief economist for the National Assn. of Home Builders. Nationwide, the median sales price of an existing home rose 3.6% to $75,300 in the April-June quarter.
2nd Quarter Sales of Existing Homes Gainers Losers
Hawaii +27.1% North Dakota -36.9% Delaware +22.9 Utah -24.1 Pennsylvania +17.3 Texas -20.4 Mississippi +15.1 Colorado -9.1 Wisconsin +15.1 California -8.6
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