by Wolf Richter
More signs of a move from the cities to the suburbs? Supply of houses is tight; condos are piling up.
Sales of existing homes (closed transactions of single-family houses, townhomes, condos, and co-ops) in June fell 11.3% compared to June last year, to a “seasonally adjusted annual rate” of 4.72 million homes, according to the National Association of Realtors. Sales were down 18% from the recent peak in February. On a month-to-month basis, sales bounced off 20.7% from the historic lockdown-low in May (historic data via YCharts):