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Existing-home sales increased 1.1 percent in June - reaching the strongest sales pace since February 2007, according to a NAFCU Macro Data Flash.

The median existing-home price increased from $238,900 to $247,700, nonseasonally adjusted, which is the highest median price on record and 4.8 percent higher than the year before.

"Combined with steady demand, the lack of available homes for sale continues to put upward pressure on prices," NAFCU Research Assistant Yun Cohen wrote. "Despite the inventory and price constraints, the share of first-time buyers rebounded to its highest level since July 2012 as a result of a strong labor market, low mortgage rates and higher rental prices.

"However, Fannie Mae's Home Purchase Survey suggests that consumers' views on income and economic growth soured somewhat in June," she continued. "Overall, the housing market is expected to grow modestly for the rest of year, although inventory shortage and tepid wage growth continue to constrain growth."

The Midwest saw the greatest sales increase in June at 3.8 percent, followed by the West at 1.7 percent, while the Northeast saw the only decrease of 1.3 percent. Sales remained flat in the South.