NAR recently released a summary of existing home sales data showing that existing home sales continued to improve in June, reaching an annual pace of 5 million for the first time this year. June marks the third consecutive month of increased sales, and June’s figures represent a 2.6% improvement from last month, though sales are still 2.3% below a year ago.
The national median existing-home price for all housing types was $223,300 in June, up 4.3% percent from June 2013. June’s data also continues a trend of year-over-year price gains for the past two years.
All regions showed growth in prices, except the Northeast, which experienced a minor decline of 0.1%. The West continues to maintain the biggest price gain at 7.2% from a year ago.
June’s inventory figures increased by 6.5% from a year ago – it will take 5.5 months to move the current level of inventory. It takes approximately 44 days for a home to go from listing to a contract in the current housing market.
Distressed sales are showing signs of thinning out. All cash buyers are still strong, representing 1/3 of the home purchasing population. Home buyers are moving into condos at a higher rate than single family homes while single family prices are rising faster than condo prices.
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