Existing US home sales rise in June, prices at record highs

(Sharecast News) - Sales of second hand homes in the US rose just as expected last month, alongside a fresh record high in prices. According to the National Association of Realtors, in seasonally adjusted terms existing home sales increased by 0.7% month-on-month to reach an annual rate of 4.11m.

Economists had pencilled-in an increase to 4.1m.

The median price of an existing home jumped by 5.8% versus one year before to reach $419,300 - their highest ever price.

Unsold existing homes meanwhile increased by 6.7% on the month to reach 1.28m.

That amount was worth 3.7 months of sales at the current pace, versus 3.5 months' worth of sales in April and 3.1 months 12 months back.

"Eventually, more inventory will help boost home sales and tame home price gains in the upcoming months," commented NAR chief economist Lawrence Yun.

"Increased housing supply spells good news for consumers who want to see more properties before making purchasing decisions."

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