Existing Home Sales Hit 8-Month High

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In June, sales of previously owned homes reached their fastest pace this year, climbing to a projected annual pace of 5 million sales for the first time since October 2013. The estimates, released by the National Association of Realtors, show existing-home sales up 2.6 percent from the month before and just 2.3 percent below year-before levels. Lawrence Yun, NAR’s chief economist, said housing fundamentals are moving in the right direction. According to Yun, home sales should continue improving in the coming months as inventory rises and price gains continue to moderate, giving potential home buyers more choices and more favorable affordability conditions. In fact, the number of homes currently available for sale is at its highest point in more than a year and home prices are just 4.3 percent above last June. Also in the release, sales increased in all four regions of the country, though the Midwest saw the biggest gains with a 6.2 percent improvement from the month before. The June sales report joins other recently released data detailing an improving outlook for the housing market after a tough first half of the year. More here.

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