Newsroom
July 22, 2015
Existing-homes sales pace highest since 2007
Existing-home sales increased 3.2 percent in June to a seasonally adjusted annual rate of 5.49 million – the highest sales pace since February 2007.
Year over year, existing-home sales have increased for nine consecutive months and are 9.6 percent higher than they were a year ago.
NAFCU Research Assistant Yun Cohen analyzed data from the National Association of Realtors for a Macro Data Flash and found that all four regions saw an increase in year-over-year sales. The Midwest increased the most, by 12.7 percent, while the South increased the least, by 7.3 percent.
"Demand in housing remains strong as the labor market improves and the cost of renting rises," Cohen wrote. "However, the tight supply relative to demand continues to drive up prices and constrain sales."
The median existing-home price increased from a revised $228,900 in May to $236,400 in June – 6.5 percent higher than the $222,000 median price a year ago.
Year over year, existing-home sales have increased for nine consecutive months and are 9.6 percent higher than they were a year ago.
NAFCU Research Assistant Yun Cohen analyzed data from the National Association of Realtors for a Macro Data Flash and found that all four regions saw an increase in year-over-year sales. The Midwest increased the most, by 12.7 percent, while the South increased the least, by 7.3 percent.
"Demand in housing remains strong as the labor market improves and the cost of renting rises," Cohen wrote. "However, the tight supply relative to demand continues to drive up prices and constrain sales."
The median existing-home price increased from a revised $228,900 in May to $236,400 in June – 6.5 percent higher than the $222,000 median price a year ago.
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