Home sales a little softer in June

Sales activity declined by -1.2% in May to an annual rate of 5.08 million vs. 5.14 million in April. The good news is this was +15.2% above May 2012. The average interest rate had increased to 4.46% by the end of June, up from 3.81% at the end of May. Last week, the rate was 4.37%. It is important to note that home sales are still at a 3 1/2 year high.