Tuesday, July 22, 2014

Existing Home Sales Surpass 5 Million Mark

Existing home sales improved 2.6% in in June, reaching an annualized pace of 5.04 million units. The pace is above 5 million for the first time since last October. May’s pace was revised upward, indicating an improving housing market.

All four regions improved in June. The Midwest had the strongest monthly growth at 6.2%. The Northeast, West and South followed respectively at 3.2%, 2.7% and 0.5%. Aside from the South, sales declined in the other three regions compared to year ago levels.

Housing inventory remained the same in June at 5.5 months, while below April’s level, housing inventory is nearing the 6-month mark that indicates a balanced market.

The national median existing-home price was $223,300 in June. House price appreciation is slowing, and declined to a year-over-year growth of 4.3%. Stabilizing housing prices, low interest rate environment and stronger job growth creates an environment of housing affordability and a positive outlook for an active housing market.

Read the NAR release.

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