Newsroom

July 23, 2014 – Existing-home sales went up 2.6 percent in June but were down 2.3 percent from the same time last year, according to a NAFCU Macro Data Flash.

NAFCU Research Assistant Doug Christman analyzed data from the National Association of Realtors and found that sales went up in all four regions during June, with the Midwest seeing the most growth at 6.2 percent, and the South seeing the least at 0.5 percent. However, the South was the only region to see year-over-year growth, with a 1 percent increase.

"Stagnant wage growth and limited inventory continue to hold back stronger sales," Christman wrote. "Home sales are expected to improve throughout the year but are likely to be lower than 2013 due to a sluggish first quarter."

The median existing-home price increased from a revised $212,000 in May to $223,300, nonseasonally adjusted, in June – up from $214,000 a year before.

In related news, the Federal Housing Finance Agency announced that home prices overall rose 0.4 percent in May compared to April, according to the FHFA House Price Index. The index is calculated using information from Fannie Mae and Freddie Mac. Home prices increased 5.5 percent from the previous May.