Markets & Economy

Pace of existing-home sales picks up from May to June

NAR: Housing inventory at highest level in nearly 2 years

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Sales of existing homes and total housing inventory climbed in June as the housing market continued to trek towards a healthier state, the National Association of Realtors reported today. Existing-home sales rose 2.6 percent from May to June to a seasonally adjusted annual rate of 5.04 million, but remained 2.3 percent below their level from a year ago, the trade group said. “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 said in a statement. "This bodes well for rising home sales in the upcoming months as consumers are provided with more choices." Housing inventory rose for the sixth straight month in June, hitting its highest level in nearly two years, according to NAR data. Tight inventory has curtailed home purchases by limiting buyers' options for many months, and its recent growth has helped the housing market buck a slump that lasted thro...