Photo: Jessica Merz/Flickr
Existing US home sales are up more than 11 percent in June over the same period in 2014, according to Auction.com.
The real estate site’s Real Estate Nowcast projects that the seasonally adjusted rate for existing home sales will fall between 5.4 million and 5.74 million annual sales, with a target number of 5.57 million. This figure also puts overall sales up 4.1 percent from May.
“Improvements in the labor market and to wage growth should continue to increase owner occupier demand and start to make up for the recent retreat of investors from the market,” said Auction.com Executive Vice President Rick Sharga.
“Inventory has also increased, aiding sales flow as more first-time buyers enter the market just in time for the summer buying season.”
This trend is corroborated by the National Association of Realtors’ May data. NAR is reporting that home sales were at 5.35 million units – a 5.1 percent increase from April’s sales and up 9.2 percent from a year ago.
Read more about the latest NAR report here.