Americans bought homes in June at the fastest rate in over eight years, pushing prices to record highs as buyer demand has eclipsed the availability of houses on the market.
The National Association of Realtors said Wednesday that sales of existing homes climbed 3.2 percent last month to a seasonally adjusted annual rate of 5.49 million, the highest rate since February 2007. Sales have jumped 9.6 percent over the past 12 months, while the number of listings has risen just 0.4 percent.
The median home price has climbed 6.5 percent over the past 12 months to $236,400, the highest level – unadjusted for inflation – reported by the Realtors.
The Greater Chattanooga Association of Realtors said Wednesday median home prices last month rose locally to $155,000, up 5.8 percent from a year ago. In the first half of 2015, local Realtors sold 7,494 homes or 6.7 percent more than a year ago.
The higher sales cut the supply of inventory on the market by 40.6 percent and the number of days the typical house is on the market from 105 days a year ago to only 73 days last month, a 30.5 percent drop.