First Time Buyers Arrive

Existing home sales, as reported by the National Association of Realtors (NAR), increased 1.1% in June to the highest level since February 2007, as first-time buyers grabbed a 33% share, the best performance in four years. June existing sales are up 3.0% from the same month a year ago. Total existing home sales in June increased to a seasonally adjusted rate of 5.57 million units combined for single-family homes, townhomes, condominiums and co-ops, up from a downwardly revised 5.51 million units in May