Existing-home sales eased in June as contract cancellations spiked unexpectedly, although prices were up slightly, according to the National Association of REALTORS®.
Sales gains in the Midwest and South were offset by declines in the Northeast and West. Single-family home sales were stable while the condo sector weakened. (Emphasis added.)
Weak sales in the West? Not in the Phoenix part of the West. In fact, as I’ve written about several times in the past couple of weeks, sales here were as robust as we’ve seen in years.
And all of this goes to show that what everyone always says is absolutely true … real estate truly is local; what you see on the news about national trends has little to do with what may be happening in an area such as the Phoenix real estate market where we tend to lead the curve, for better or worse.