June’s Median Existing-Home Price Surpasses July 2006 Peak

Existing-home sales continued to make gains across the nation in June according to the National Association of Realtors (NAR). Reaching its “highest pace in over eight years,” total existing-home sales were 3.2% greater in June than in May and were 9.6% more than in June 2014. In the West, existing-home sales rose 2.5% on a month-over-month basis and were 8.8% greater than the same time last year.

NAR Chief Economist, Lawrence Yun, stated, “Buyers have come back in force, leading to the strong past two months in sales since early 2007. This wave of demand is being fueled by a year-plus of steady job growth and an improving economy that’s giving more households the financial wherewithal and incentive to buy.”

Nevertheless, the NAR pointed out that buyer demand and limited inventory continues to put pressure on home prices. Rising 6.5% year-over-year, June’s median existing-home price reached $236,400 which surpassed the last median sales price peak set in July 2006. The same pressures on the median existing-home price in the West was also evident in June. Landing at $328,900, the West’s median price was 9.9% greater than the same time last year. Read more at http://bit.ly/1VLIBYT.

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