Sales of previously owned homes in the United States increased at a faster-than-expected annual pace in June, in the third straight month of gains.
The National Association of Realtors said sales rose 3.6 percent to an annual rate of 4.89 million units from a downwardly revised 4.72 million pace in May. June’s reading compared with forecasts for a 4.84 million unit annual pace.
The NAR said it was the first time the industry had experienced three straight months of gain since early 2004, providing some hope the higher data indicate an underlying trend.
U.S. stocks briefly extended gains after the housing data, while U.S. government debt prices turned lower.
The inventory of existing homes for sale declined 0.7 percent to 3.82 million in June. The median national home price fell 15.4 percent to $181,800 from the same period a year ago.
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