July 22--Americans ramped up their purchases of previously owned homes in June, sending sales to the highest level in more than eight years.
Existing home sales rose 3.2% from May to a seasonally adjusted annual rate of 5.49 million, the National Assn. of Realtors said Wednesday. The gain beat the expectations of Wall Street and provided further evidence of the housing market's rebound.
Lawrence Yun, chief executive for the Realtors, said sustained job growth has boosted demand and made this year's spring buying season the strongest since the downturn.
"Buyers have come back in force," he said in a statement.
Sales climbed in all regions tracked by the Realtors: the West, Northeast, Midwest and South.
In the West, sales jumped 2.5%, while the median price climbed nearly 10% from a year earlier to $328,900.
Recent reports also show home sales are up locally. CoreLogic reported last week that Southern California home sales jumped 18.1% in June compared to a year earlier, the largest increase in nearly three years.
