The seasonally adjusted pace of existing-home sales in the U.S. increased 3.2 percent from a downwardly revised 5.32 million in May to 5.49 million in June, the highest annual pace since February 2007 when the pace measured 5.79 million. The current pace is 9.6 percent higher versus the same time last year.
The median existing-home price in June was a record $236,400, up 6.5 percent versus the same time last year and surpassing the previous peak of $230,400 set in July of 2006 .
In terms of inventory, the number of unsold homes on the market across the country increased 0.9 percent to 2.30 million homes, which is roughly 0.4 percent higher than at the same time last year.
Existing-home sales in the West increased 2.5 percent to an annual rate of 1.24 million sales in June, 8.8 percent higher than at the same time last year.
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