Sales of existing homes increased 3.2% last month to an annualized 5.490 million (9.6% y/y) from 5.320 in May, revised from 5.350 million. Sales were at the highest level since February 2007 and stronger than consensus expectations for 5.40 million in the Action Economics Forecast Survey. Single-family home sales increased 2.8% last month to 4.840 million (9.8% y/y), adding to a 5.1% rise during May. Condo and co-op sales gained 6.6% (8.3% y/y), also the highest level since early in 2007.

The median sales price of an existing home increased 3.1% (6.5% y/y) to a record $236,400 from $228,900 in May. The average sales price improved 2.7% (4.7% y/y) to $281,200.

By region, sales in the Midwest led last month's improvement and gained 4.7% (12.7% y/y) to 1.330 million. Sales in the Northeast followed with a 4.3% increase (12.5% y/y) to 720,000. Sales in the South improved 2.3% (7.3% y/y) to 2.200 million and sales in the West moved 2.5% higher (8.8% y/y) to 1.240 million.

The inventory of unsold homes increased 0.4% y/y to 2.300 million. The months' supply of homes on the market held fairly steady at 5.0 months. It's been near that level since early 2013.

The data on existing home sales, prices and affordability can be found in Haver's USECON database. The regional price, affordability and inventory data are available in the REALTOR database. The expectations figure is from the Action Economics survey, reported in the AS1REPNA database.