U.S. home sales jump 2.6 percent in June as housing market rebounds

Nathan Andrada – Fourth Estate Cooperative Contributor

Washington, DC, United States (4E) – A survey measuring U.S. home sales rose for the third straight month in June, rising to its highest level since October as the housing market recovers after a slowdown in recent months.

Previously owned home sales were up 2.6 percent to an annual pace of 5.04 million in June on seasonally adjusted terms, according to the National Association of Realtors report released Tuesday. May sales were revised to 4.91 million, an increase from the previously reported 4.89 million.

The latest increase indicates a rebound in the housing market following a severe winter and that slowed price growth, as well as rising supply.

The report showed home prices are rising more slowly than in previous months as more homes are made available for sale on the market. In June, the median sale price for a home stood at $223,300, an increase of 4.3 percent from the year-ago month.

The supply of homes available for sale rose 6.5 percent from the previous year. The inventory would take 5.5 months to be exhausted at current pace, a level that economists consider a “balanced” market.

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