U.S. existing home sales rise for fourth straight month

Existing home sales in the United States rose in June boosted by increasing first-time buyers, while narrowing stocks and advancing prices weighed down future sales growth, an industry report showed Thursday.

Total existing home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 1.1 percent from the previous month to a seasonally adjusted annual rate of 5.57 million in June, the fourth consecutive monthly increase, said the National Association of Realtors (NAR).

Sales are now up 3 percent from a year ago and remain at their highest annual pace since February 2007.

The impressive four-month streak of sales gains through June cap off a solid first half of 2016 for the housing market, said NAR chief economist Lawrence Yun, adding sustained job growth and falling mortgage rates were driving more home purchases.

"Looking ahead, it's unclear if this current sales pace can further accelerate as record-high stock prices, near-record low mortgage rates and solid job gains face off against a dearth of homes available for sales and lofty home prices that keep advancing," said Yun.

Total housing inventory at the end of June dipped 0.9 percent to 2.12 million existing homes available for sales, which represents a 4.6-month supply at the current sales pace, lower than the 4.7 months in May.

The median existing home price for all housing types in June was 247,700 U.S. dollars, 4.8 percent above the level a year ago, surpassing May's peak median sales price. Endi