With record temperatures throughout the west the weather is certainly heating up as summer officially begins, but the summer real estate season is also HOT.
Existing-home sales in June are expected to rise sharply over last year’s total, according to Auction.com’s June Real Estate Nowcast, which combines industry data, proprietary company transactional data and Google search activity to predict market trends as they are occurring.
According to Auction.com’s report, existing-home sales are projected to fall between seasonally adjusted annual rates of 5.4 and 5.74 million annual sales, with a targeted number of 5.57 million.
Those figures would represent a 4.1% increase from May and an 11.2% rise from last year at the same time.
Auction.com’s data also predicts that sales prices for existing homes will fall between $217,482 and $240,375 during the month of June, with a targeted price of $228,929. That represents a 3.1% year-over-year increase for the month.