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NAR: Existing-home sales rise 1.1% in June

Total existing-home sales in the U.S. rose 1.1% on amonth-over-month basis in June to a seasonally adjusted, annualized rate of5.57 million, compared to a downwardly revised rate of 5.51 million in May, theNational Association of Realtors said.

June's uptick, the fourth consecutive monthly increase, wasboosted in part by a healthy amount of first-time buyers, according to the NAR.The metric comprises all completed sales for single-family homes, town houses,condos and co-ops.

Year over year, home sales were up 3.0%.

"Existing sales rose again last month as moretraditional buyers and fewer investors were able to close on a home despitemany competitive areas with unrelenting supply and demand imbalances," NARchief economist Lawrence Yun said in a release. "Sustained job growth aswell as this year's descent in mortgage rates is undoubtedly driving theappetite for home purchases."

The median price for existing homes of all types in June was$247,700, up 4.8% on a year-over-year basis from the June 2015 median price of$236,300. Total housing inventory at the end of June slid 0.9% month over monthto 2.12 million homes for sale, representing a 5.8% decline from June 2015.