Mortgage Daily

Published On: July 22, 2014

Sales of existing homes climbed to the highest pace in eight months, though weak economic conditions are keeping activity from being more vigorous.

Last month, existing home sales accelerated to an annual rate of 5.04 million units on a seasonally adjusted basis.

It was the first time since October of last year that the annual pace of U.S. home sales has surpassed 5 million.

The statistics were released Tuesday by the National Association of Realtors.

May’s numbers were revised up to 4.91 million.

“Inventories are at their highest level in over a year and price gains have slowed to much more welcoming levels in many parts of the country,” NAR Chief Economist Lawrence Yun stated in the report. “This bodes well for rising home sales in the upcoming months as consumers are provided with more choices.”

Sales would have been even stronger if it weren’t for stagnant wage growth, Yun explained.

But activity has slowed compared to June 2013, when the annual rate was 5.16 million.

Single-family home sales increased to an annual rate of 4.43 million in June from 4.32 million a month earlier but fell short of 4.56 million a year earlier.

It took a median time of 44 days to market a home, faster than 47 days the prior month and the sixth consecutive month of improvement.

But the process has slowed from 37 days in June 2013.

The NAR reported that the total housing inventory was 2.30 million as of the end of June, a 2.2 percent increase. That put the supply of existing homes for sale at 5.5 months, the same as May.

In June 2013, there were 2.16 million homes for sale.

The median existing-home price for all housing types in June was $223,300, up 4.3 percent from a year earlier.

FREE CALCULATORS TO HELP YOU SUCCEED
Tools for Your Next Big Decision.

Amortization Calculator

Affordability Calculator

Mortgage Calculator

Refinance Calculator

FHA Mortgage Calculator

VA Mortgage Calculator

Real Estate Calculator

Tags

Pre-Approval Resources!

Making well educated decions in a matter of minutes and stay up to date on the latest news Mortgage Daily has to offer. Read our latest articles to stay up to date on what’s going on…

Resource Center

Since 1998, Mortgage Daily has helped millions of people such as yourself navigate the complicated hurdles of the mortgage industry. See our popular topics below, search our website. With over 300,000 articles, we are guaranteed to have something for you.

Your mortgages approval starts here.

Add 1-2 sentence here. Add 1-2 sentence here. Add 1-2 sentence here. Add 1-2 sentence here. Add 1-2 sentence here.

Stay Up To Days with Today’s Latest Rates

Mortgage

Today’s rates starting at

4.63%

5/1 ARM
$200,000 LOAN

Home Refinance

Today’s rates starting at

4.75%

30 YEAR FIXED
$200,000 LOAN

Home Equity

Today’s rates starting at

3.99%

3 YEAR
$200,000 LOAN

HELOC

Today’s rates starting at

2.24%

30 YEAR FIXED
$200,000 LOAN