WASHINGTON — Existing home sales rose 2.6% to a seasonally adjusted 5.04 million-unit rate in June from a revised 4.91 million pace the previous month, the National Association of Realtors announced Tuesday.
The May figure was originally reported as a 4.89 million unit rate. NAR Chief Economist Lawrence Yun said the sales rate was above 5 million for the first time since October.
The June rate represents a 2.3% decrease from June 2013 but was stronger than the median 4.98 million unit pace predicted by economists polled by Thompson Reuters.
Sales rose in June from the previous month in all four regions: 3.2% in the Northeast, 6.2% in the Midwest, 0.5% in the South and 2.7% in the West. However, the South is the only region where sales are up from June 2013, Yun said.
The median sales price was $223,300 in June, a 4.3% increase from a year ago.
Housing inventory levels rose 2.2% from the previous month to 2.30 million existing homes, representing a 5.5-month supply at the current pace. Inventory was up 6.5% from the June 2013 level.
