Sales of previously-owned homes rose 2.6 percent in June to a 5.04 million annual rate, an eight-month high, according to figures released by the National Association of Realtors (NAR). More listings cooled prices as they advanced to their slowest rate since March 2012, as inventories increased to a nearly two-month high, according to nationalmortgagenews.com. Purchases of existing homes year-over-year fell 2.3 percent in June on an adjusted basis, while the median price of an existing home rose 4.3 percent to $223,300 in June from $214,000 a year ago. NAR Chief Economist Lawrence Yun informs MHProNews sales are increasing in all price points except for the very low end. First-time buyers accounted for 28 percent of all home sales, the average for the past year. NAR President Steve Brown says tight credit continues to hamper young, first-time buyers. Regionally, the Midwest saw existing home sales rise 6.2 percent, while the Northeast experienced an increase of 3.2 percent, the West rose 2.7 percent and the South, pus 0.5 percent.##
