Existing home sales made the unexpected increase of 2.6 percent in June.
Business Insider reports that existing home sales climbed 2.6 percent in June to an annualized rate of 5.04 million, well above the expected 1.9 percent.
In a recent survey by Citi, 70 percent of home builders nationwide reported increased new-home sales in March, a 15 percent increase from February’s survey.
Home prices increased for the second straight month in April, according to the latest CoreLogic Home Price Index, rising 2.6 percent excluding distressed sales.
Existing-home sales figures for March were 5.2 percent above the previous year’s totals, the ninth consecutive month in which this has occurred, according to the National Association of Realtors.