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Home Resales Hit Eight-Year High

Sales of existing homes nationwide last month reached their highest level since before the Great Recession. The National Association of Realtors yesterday announced that resales spiked 3.2% in June, to 5.49M units. That was the best results since February 2007, up 9.6% from the same period last year and well ahead of economists' forecast of 5.40M resales. The news follows other positive indicators, particularly in regard to bullish housing starts. Still, first-time buyers continued to represent an atypically low portion of the market. In June they made just 30% of the purchases, whereas analysts generally agree that a 40% threshold is needed to demonstrate true housing market vitality.