Total U.S. existing-home sales in the second quarter of 2015 increased 6.6 percent to a seasonally adjusted annual rate of 5.3 million from 4.97 million in the first quarter and are 8.5 percent higher than the 4.89 million pace during the second quarter of 2014, according to the National Association of Realtors.
Regionally, existing-home sales in the Northeast increased 10.3 percent in the second quarter and are 8.6 percent above where they were during the same period last year. The Midwest’s existing-home sales rose 13.4 percent in the second quarter and are 12.7 percent higher than a year ago. Existing-home sales in the South fell 1.1 percent and are 6.3 percent above last year. In the West, existing-home sales went up 8.1 percent and are 8.1 percent above a year ago.
“Steady rent increases, the slow rise in mortgage rates and stronger local job markets fueled demand throughout most of the country this spring,” said Lawrence Yun, NAR chief economist, in a statement. “While this led to a boost in sales paces not seen since before the downturn, overall supply failed to keep up and pushed prices higher in a majority of metro areas.”
The national median existing single-family home price in the second quarter of 2015 was $229,400, an increase of 8.2 percent from $212,000 reported in the second quarter of 2014, according to the National Association of Realtors.
Ninety-three percent of the 176 metro markets measured by the NAR recorded a year-over-year increase in the median single-family existing home price. Thirteen of those markets, or 7 percent, reported a lower median home price compared with the same period last year.
