Sales of Existing U.S. Homes Rise to Highest Level in Nine Years

Sales of Existing U.S. Homes Rise to Highest Level in Nine Years

Source: Bloomberg

Sales of previously owned homes unexpectedly climbed in June to the highest level in more than nine years, giving a boost to residential real estate as it approached the end of its busy selling season.

Contract closings climbed 1.1 percent to a 5.57 million annual rate (forecast was 5.48 million), the most since February 2007 Sales increased 1.9 percent from June 2015 before seasonal adjustment Median price of an existing home rose 4.8 percent from June 2015 to $247,700 Inventory of available properties dropped 5.8 percent from a year earlier to 2.12 million units, the lowest for a June since 2001

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