Existing-home sales in June reached an annual pace of 5 million for the first time since October 2013, and rising inventory continues to push overall supply toward a more balanced market, according to the National Association of Realtors.
Total existing-home sales went up 2.6 percent to a seasonally adjusted annual rate of 5.04 million in June from 4.91 million in May. Sales, at the highest pace since October, are still 2.3 percent below where they were a year ago.
Total housing inventory in June rose 2.2 percent to 2.30 million existing homes available for sale, or a 5.5-month supply at the current sales pace. Unsold inventory is 6.5 percent higher than a year ago.
Ultimately, said NAR Chief Economist Lawrence Yun in a statement, housing "fundamentals" are moving in a good direction.
"Inventories are at their highest level in over a year and price gains have slowed to much more welcoming levels in many parts of the country. This bodes well for rising home sales in the upcoming months as consumers are provided with more choices," he said.
The NAR's statement shared more housing market figures:- Single-family home sales rose 2.5 percent to a seasonally adjusted annual rate of 4.43 million in June, up from 4.32 million in May.- The median existing-home price for all housing types in June was $223,000.- Distressed homes accounted for 11 percent of June sales, down from 15 last year.- The percent share of first-time buyers continues to underperform historically.
