Existing home sales grew 1.1% to a seasonally adjusted 5. 75 million-unit rate in June from a downwardly revised 5.51 million sales pace the previous month, the National Association of Realtors announced Thursday.
The June rate represents a 3.0% increase from the same month a year ago, and surpassed the median 5.47 million unit pace predicted by economists polled by Thomson Reuters.
"Existing sales rose again last month as more traditional buyers and fewer investors were able to close on a home despite many competitive areas with unrelenting supply and demand imbalances," said NAR chief economist Lawrence Yun. "Sustained job growth as well as this year's descent in mortgage rates is undoubtedly driving the appetite for home purchases."
Sales in the regions were mixed in June. They were down 1.3% in the Northeast, up 3.8% in the Midwest, flat in the South, and 1.7% higher in the West.
The median sales price was $247,700 in June, a 4.8% increase from a year ago.
Inventory levels fell 0.9% from the previous month to 2.12 million existing homes, representing a 4.6-month supply at the current pace. Inventory was down 5.8% from the June 2015 level.
