Existing-home Sales Rise 3.2% To 5.49 Million Rate In June, Fastest Since 2007

Sales of existing homes rose 3.2% in June to a seasonally adjusted annual rate of 5.49 million, hitting the fastest pace since February 2007, the National Association of Realtors reported Wednesday. A limited inventory of homes available for sale supported prices, with June's median sales price of $236,400 setting a record high. Some buyers may be rushing to lock in mortgage rates before they rise further, according to NAR. There's also a "solid foundation" for more home sales, given healthy jobs growth, said Lawrence Yun, NAR's chief economist. Economists polled by MarketWatch had expected a June rate of 5.42 million, compared with an originally reported May rate of 5.35 million. On Wednesday NAR revised May's pace to 5.32 million.