by Calculated Risk on 7/16/2015 02:05:00 PM

From housing economist Tom Lawler:

Based on reports released by various realtor associations/MLS from across the country, I predict that existing home sales as estimated by the National Association of Realtors ran at a seasonally adjusted annual rate of 5.45 million in June, up 1.9% from May’s pace, and up 8.8% from last June’s seasonally adjusted pace. Unadjusted home sales should an even larger YOY increase, reflecting the higher business day count this June compared to last June.

Realtor/MLS data suggest that the inventory of existing homes for sale as estimated by the NAR should be about 2.33 million at the end of June, up 1.7% from May and up 1.7% from a year earlier.

And finally, realtor/MLS data are consistent with a year-over-year increase in the median existing single-family home sales price of about 6.5%.

CR Note: The sales rate in June will likely be the highest since early 2007.