June Housing Sales Increase – Beat Expectations

Sales of previously owned houses increased faster than expected in June.

The National Association of Realtors reported that sales rose 3.6%  from May to June.  This is the first increase for three consecutive months since 2004. 

The inventory of homes for sale has in turn declined .7% to 3.82 million in June.  “Overall, the news is positive. We have increasing home sales for the third straight month, declining inventory and although prices fell, they declined at a less steep pace,” Lawrence Yun, NAR chief economist, said at a press conference. “The housing market is healing,” Yun went on to say.