Existing home sales in the U.S. fell by 1.2 percent in June, though sales increased 15.2 percent year-over-year.
The National Association of Federal Credit Unions said the housing market will play an important role in driving economic growth throughout the rest of the year.
“Existing-home sales declined in June but remained well above sales levels from a year ago,” NAFCU Research Assistant Doug Christman said in a NAFCU Macro Data Flash report. “High affordability, a steadily improving labor market and pent-up demand are driving homes sales, while tight inventories and recent increases in mortgage interest rates may begin to affect sales in the near future.”
Sales in the Northeast and West fell 1.6 percent, and the South saw existing home sales fall by 1.5 percent. Existing home sales in the Midwest remained relatively unchanged from May.
The Midwest saw the strongest year-over-year sales increase at 17.5 percent, followed by the Northeast at 16.7 percent, the South at 16 percent and the West at 11 percent.
The median existing home price increased from a revised $203,100 in May to $214,200 in June—up from $188,800 one year ago.