Existing-home sales declined 1.2 percent in June to 5.08 million units, but the median home continues a seven-month streak of double-digit, year-over-year increases, according to the National Association of Realtors.
The median price for all housing types in June was $214,200, up 13.5 percent from June 2012. This is the 16th consecutive month of year-over-year price increases, which last occurred from February 2005 to May 2006.
Total housing inventory at the end of June rose 1.9 percent to 2.19 million existing homes available for sale, representing a 5.2-month supply at the current sales rate. This is up from May's 5.0-month supply, but below June 2012's 6.4-month supply.
"Affordability conditions remain favorable in most of the country, and we're still dealing with a large pent-up demand," NAR chief economist Lawrence Yun said in a statement. "However, higher mortgage interest rates will bite into high-cost regions of California, Hawaii and the New York City metro area market."
