Sales of existing homes rose to their highest level since 2007 in June, and the median sales price hit an all-time high.
That’s according to the National Association of Realtors, which reported that existing home sales increased 3.2 percent in June to a seasonally adjusted annual rate of 5.5 million. That rate is nearly 10 percent above what it was a year ago.
“Buyers have come back in force, leading to the strongest past two months in sales since early 2007,” said NAR Chief Economist Lawrence Yun.. “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.”
Plus, the prospect or rising interest rates is encouraging people “to buy now rather than wait until later when borrowing costs could be higher,” Yun said.
The median price for an existing home was $236,400, breaking the previous high set in July 2006.
