Sales of existing homes in the US rose 1.4% in June from May bringing the annual rate to 5.86 million units.
Source: National Association of Realtors
SPDR Homebuilders ETF is down -0.95%
Housing sales went up 22.9% year-over-year compared to 4.77 million in June last year.
The housing inventory amounted to 1.25 million units at the end of June, up 3% from May, but lower than 1.54 million units in the comparable period last year.
The median existing-home sale price was $363,300 in June, a rise of 23.4% compared to $294,400 last year.
Distressed sales were less than 1% of June sales, same as May, but down from 3% in June last year.
First-time buyers accounted for 31% of sales in June, same as May, but down compared to 35% in June last year.
Second-home buyers accounted for 14% of purchases in June, a drop from 17% in May, and up compared to 9% recorded in June 2020.
The jump in house sales happened even as the fixed-rate mortgage rose to 2.98% in June, from 2.96% in May.