Dive Brief:
- Existing homes sold at an annual pace of 5.04 million last month, a 2.6% increase from May, the National Association of Realtors said, the result of more inventory and slower price increases.
- The pace was 2.3% below June 2013's level, although it still was the best since October.
- Realtors' Chief Economist Lawrence Yun said sales could have been higher if jobs being created in the economy brought higher pay, echoing an assessment by George Mason University economist Anthony B. Sanders that average median income and average hourly wages in the U.S. lag far behind pre-recession levels.
Dive Insight:
Realtors said the inventory of existing homes on the market rose in June, though the months of inventory remained at 5.5 because it is figured on a higher monthly sales pace. Yun noted that first-time buyers were still at 28%, lower than their historical participation and more evidence that the post-recession economy is not helping them as much as sellers wish it was.