Existing Home Sales Rise Slighty in June

The National Association of Realtors reports sales of existing single-family homes rose 1.1% in June to an annualized rate of 5.57 million units. The expectation was for 5.48 million units.

“Existing sales rose again last month as more traditional buyers and fewer investors were able to close on a home despite many competitive areas with unrelenting supply and demand imbalances,” Lawrence Yun, NAR chief economist said. “Sustained job growth as well as this year’s descent in mortgage rates is undoubtedly driving the appetite for home purchases.”

Regional Breakdown

June existing-home sales in the Northeast declined 1.3 percent to an annual rate of 760,000, but are still 5.6 percent above a year ago. The median price in the Northeast was $284,800, which is 1.4 percent above June 2015.

In the Midwest, existing-home sales jumped 3.8 percent to an annual rate of 1.35 million in June, and are now 4.7 percent above June 2015. The median price in the Midwest was $199,900, up 5.7 percent from a year ago.

Existing-home sales in the South in June remained unchanged from May at an annual rate of 2.26 million, and are 3.2 percent above June 2015. The median price in the South was $217,400, up 5.5 percent from a year ago.

Existing-home sales in the West rose 1.7 percent to an annual rate of 1.20 million in June, but are still 0.8 percent below a year ago. The median price in the West was $350,800, which is 7.2 percent above June 2015.