The month of June proved to show extremely promising real estate news as existing-home sales reached new highs. According to the National Association of REALTORS® (NAR) June's existing-home sales reached an annual pace of 5.04 million — the highest pace since October 2013. Additionally, there has been a steady increase in inventory to indicate promise of a stronger and more balanced market.
Lawrence Yun, NAR's Chief Economist and Senior Vice President of Research, said that "inventories are at their highest level in over a year and price gains have slowed to much more welcoming levels in many parts of the country. This bodes well for rising home sales in the upcoming months as consumers are provided with more choices."
From May to June, total existing-home sales rose 2.6%, making June's total existing-home sales comparable to that of October 2013's sales.
However, even as existing-home sales have improved, Yun noted that "new home construction needs to rise by at least 50% for a complete return to a balanced market."
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