The seasonally adjusted pace of existing-home sales in the U.S. ticked up 1.1 percent to an annual rate of 5.57 million sales in June, the highest annual pace since February 2007 and 3.0 percent higher versus the same time last year, but the rate of acceleration slipped from a 4.5 percent year-over-year gain in May.

Having hit a record high of $239,700 in May, the median resale price for existing homes ticked up another 3.3 percent in June to $247,700, up 4.8 percent versus the same time last year.

And in terms of inventory, the number of unsold homes on the market across the country slipped 0.9 percent to 2.12 million homes at the end of June and remains 5.8 percent lower versus the same time last year (as opposed to nearly 70 percent higher in San Francisco).

In the West, the pace of sales increased 1.7 percent from May to June but remains 0.8 percent lower versus the same time last year.

Comments from Plugged-In Readers

  1. Posted by Jacob

    It is great to see the West Coast and the entire United States doing so well! And straits declining it really helps support the economy and a lot more people are employed and looking to leave renting behind. Too many people have gotten screwed by renting over the past seven years with this recovery!

    • Posted by Sabbie

      By doing well, do you mean becoming even more unaffordable for the average American, being pushed into buying at the peak of the market because rents have gotten so out of control, and spending a bigger chunk of their disposable income on housing?

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