Existing home sales rose 1.1%. And NAHB Eye on Housing's Stpehen Melman reports that first time buyers drove that increase, grabbing 33% of that share.
The market has awaited signs of returning first-time buyers. More millennials are considering moves from expensive tech employment hubs to less expensive metro areas, suggesting further sales increases in those more affordable areas.
Only the Northeast saw a decline in sales.
June existing sales increased in the Midwest and West by 3.8% and 1.7% respectively. The South remained unchanged from last month, and sales in the Northeast decreased by 1.3%. Year-over-year, the Northeast, Midwest and South increased 5.6%, 4.7% and 3.2% respectively, while the West decreased very slightly.