Existing US home sales up in June; prices reach new heights

HomesSales of previously occupied U.S. homes rose in June, snapping a four-month losing streak, while strong demand for higher-end properties and ultra-low mortgage rates helped push prices to new highs.

The National Association of Realtors said Thursday that existing homes sales rose 1.4% last month from May to a seasonally-adjusted annual rate of 5.86 million units. Sales jumped 22.9% from June last year.

The median U.S. home price climbed 23.4% from a year earlier to a record $363,300.

At the end of June, the inventory of unsold homes stood at just 1.25 million homes for sale, up 3.3% from May, but down 18.8% from June 2020.

At the current sales pace, that amounts to a 2.6 months’ supply, the NAR said.

Categories: National News