June was a good month for home sellers. Existing home sales shot up 11% from May to June, and 1.9% from the previous year, a new report from the National Association of Realtors finds. The median existing home price was also up 4.8% to $247,700, for the 52nd straight month of year-over-year price increases.
And perhaps the best news of all, 33% of June buyers were first-time homeowners, proving new buyers are finally showing up to the market. There are two primary theories to June's success: Millennials are finally reaching an age and financial security to make a big purchase, and they're all rushing to get a mortgage at these historically low-interest rates.
We expected the [season] to be the best in a decade and we’ve seen sales come in just as we expected,” says Realtor.com’s chief economist, Jonathan Smoke. “More people signed contracts and will be closing [this summer] because of the lower mortgage rates.”