Existing home sales in June passed the highs for all of 2006 and hit the highest level it has been at since February of 2007. Home sales increased in June by 3.2% to a seasonally adjusted rate of 5.49 million units sold. Existing home sales made notable increases in February and March as well. Having these sales numbers outshining prerecession totals adds more evidence to the narrative that the housing market has returned to form.
The United States Housing market is moving quickly and at high volume. Forty seven percent of the homes sold in June had been on the market for only a month or less. Existing home sales were up 9.6% in June 2015 compared to June 2014. Existing sales also increased in every region of the United States.
Existing condo sales were up 5.5% compared to last year and single-family home sales increased by 6.6 percent. A growing job market and improving economy have been attributed to rising existing home sale numbers in the United States.