June Housing Numbers Hit Highest Level Since October

Existing-home sales rose for third straight month in June

This past June, sales of previously owned U.S. homes rose for the third consecutive month, indicating that the housing marketing is continuing to gain momentum.

The most recent existing-home sales report from the National Association of Realtors (NAR) shows that this rise in sales has spurred activity to an eight-month high. In fact, sales increased 2.6 percent to a 5.04 million annual rate last month, led by encouraging increases across all four U.S. regions.

While market conditions are becoming more balanced, the report still points to a shortage of homes on the market, something we will be keeping an eye on over the coming months.

Here is a breakdown of the numbers in today’s report:

• Total housing inventory rose in June by 2.2 percent, resulting in 2.3 million existing homes available for sale. This represents a 5.5-month supply with unsold inventory up 6.5 percent over a year ago.
• The median price of an existing-home increased 4.3 percent to $223,000, up from $214,000 a year ago.
• First-time home buyers accounted for 28 percent of all purchases in June, up from 27 percent in May.
• Regional data shows that existing-home sales led gains across four U.S. regions. There was a 6.2 percent gain in the Midwest, followed by a 3.2 percent increase in the Northeast. Sales rose by 2.7 percent in the West and 0.5 percent in the South.

With regional home sales on the rise, here is a look at a few listings from across the country at the June 2014 median price:

Northeast: $269,800
Westfield, MA $262,500
3 bedrooms, 2 baths

Midwest: $177,900
Mchenry, IL $177,000
3 bedrooms, 2 baths

South: $192,600
Cypress, TX $192,000
4 bedrooms, 2 baths

West: $301,000
Nine Mile Falls, WA
3 bedrooms, 2 baths

Lindsay is the Senior Manager of Media Engagement for Coldwell Banker Real Estate and is a licensed real estate agent. She was born and raised in New Jersey and just bought her first home in Livingston, where she grew up. When Lindsay isn’t busy facebooking, tweeting or instagramming she is enjoying life with her husband Joe and cat Rory. She enjoys binging on Netflix, cooking and Zumba.