Existing-home sales slowed in June 2010 but remained at relatively elevated levels, according to the National Association of Realtors.

Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, are 9.8% higher than the 4.89 million-unit pace in June 2009.

NAR President Vicki Cox Golder, said softer home sales expected this summer don’t tell the whole story. “Despite these market swings, total annual home sales are rising above 2009 and we’re looking for overall gains again this year as well as in 2011,” she said. “Conditions have become more balanced in much of the country, which is good for both buyers and sellers. However, consumers find it even more challenging to navigate the transaction process, especially for distressed properties, which only underscores the value Realtors bring to buyers and sellers in this market.”

A parallel NAR practitioner survey shows first-time buyers purchased 43% of homes in June. Investors accounted for 13% of sales in June, little changed from 14% in May; the remaining purchases were by repeat buyers.

Existing-home sales in the Midwest are 11.8% higher than a year ago. The median price in the Midwest was $155,900, down 0.1% from June 2009.

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to a record low 4.74% in June from 4.89% in May; the rate was 5.42% in June 2009.

The national median existing-home price for all housing types was $183,700 in June, which is 1.0% higher than a year ago.

Source: RIS Media