Home Sales Up 1.4 percent in June, Inventory Increases

Sales of existing homes increased marginally last month, according to the National Association of Realtors, with housing stock also edging upwards.

Existing home sales “rose 1.4% on a seasonally adjusted annual rate from May to June, with no region showing a sales decline,” the NAR said on Thursday.

Unsold homes throughout the country “increased 3.3% to 1.25 million from May to June ,” the organization added, which it said was “equivalent to 2.6 months of the monthly sales pace.”

The median existing home sales price rose nearly 25 percent year-over-year, the NAR noted, which it said was “the second highest level recorded since January 1999.”