Existing-Home Sales At Highest Pace in 8+ Years
Washington, DC, July 22, 2015—Existing-home sales increased 3.2% in June to a seasonally adjusted rate of 5.49 million, the highest pace in over eight years, while the cumulative effect of rising demand and limited supply helped push the national median sales price to an all-time high, according to the National Association of Realtors.
May’s rate was downwardly revised to 5.32 million.
All major regions experienced sales gains in June and have now risen above year-over-year levels for six consecutive months.
Sales are now at their highest pace since February 2007 (5.79 million), have increased year-over-year for nine consecutive months and are 9.6% above a year ago.
The median existing-home price for all housing types in June was $236,400, which is 6.5% above June 2014 and surpasses the peak median sales price set in July 2006 ($230,400). June's price increase also marks the 40th consecutive month of year-over-year gains.
Total housing inventory at the end of June inched 0.9% to 2.30 million existing homes available for sale, and is 0.4% higher than a year ago (2.29 million). Unsold inventory is at a 5.0-month supply at the current sales pace, down from 5.1 months in May.
Lawrence Yun, NAR chief economist, says backed by June's solid gain in closings, this year's spring buying season has been the strongest since the downturn. "Buyers have come back in force, leading to the strongest past two months in sales since early 2007," he said. "This wave of demand is being fueled by a year-plus of steady job growth and an improving economy that's giving more households the financial wherewithal and incentive to buy."