WASHINGTON — Existing home sales dropped 2.6% in June and jobless claims increased last week, according to data released today.
In June, there were 4.86 million existing homes sold, compared with 4.99 million in May, according to the National Association of Realtors. Sales of single-family homes fell 3.2% while condominium sales were up $1.7%. The median home price rose by 3.5% in June to $215,100, but that figure represented a 6.1% drop from June 2007.
Year-over-year sales declined 15%.
“The weak job market, tightening lending standards and increasing mortgage rates are keeping the risks for the housing market on the downside. As a result, NAFCU expects the housing market to remain weak and to continue to weigh on the economic growth over the near term,” NAFCU Staff Economist Katrin O'Connor said in a statement.
The Labor Department reported that initial jobless benefits claims increased by 34,000 to 406,000, the highest number since 2005.
The data also show that that the number of workers drawing unemployment benefits for more than one week fell by 9,000.
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