On Wednesday, the National Association of Realtors released its report on existing home sales for the month of June, which increased to the highest level of sales activity since February of 2007. This article from NAHB’s Eye On Housing highlights some of the details from the report.
Total existing home sales increased by 3.2% in June to a seasonally adjusted rate of 5.49 million units combined for single-family homes, townhomes, condominiums and co-ops, up from a downwardly revised 5.32 million units in May. June existing sales were up 9.6% from the same period a year ago, and have increased year-over-year for nine consecutive months. Although the June percent share of first-time buyers declined from May to 30%, that share remained at or above 30% for the fourth consecutive month.
Existing sales increased in all regions, ranging from 4.7% in the Midwest to 2.3% in the South. Year-over-year, all four regions also increased, ranging from 12.7% in the Midwest to 7.3% in the South.
The distressed sales share decreased to 8% from 10% in May, and are well below the 11% share during the same month a year ago. June all cash sales fell to 22%, matching the lowest share since December 2009. The accelerating withdrawal of cash investors will create more opportunity for first-time buyers.
