Existing home sales rose 7.5% in June from the prior month on a non-seasonally adjusted basis and prices increased for the third consecutive month, according to new figures compiled by RE/MAX.

However, sales are lagging 10.6% behind the level set in June 2010. Also, home values are down 4.9% from a year ago. The median sales price in June was $193,791.

“It’s very encouraging that both home prices and sales transactions have now risen for several months in a row,” said RE/MAX chief executive Margaret Kelly. “It appears that this market is following traditional seasonal trends as it works its way through a recovery and back to more normal conditions.”

Sales rose in 47 of the 53 markets tracked by RE/MAX, up from 42 markets in May.
The Denver-based real estate brokerage firm also reported that homes sold in June were generally on the market for 90 days. As for inventory, there was a 6.9 month-supply of unsold homes on the market at the end of June, unchanged from May.

The National Association of Realtors releases its report on June existing home sales July 20.

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