US homes sales improved in June, best pace since early 2007

The National Association of Realtors said Thursday that sales of existing homes rose 1.1 percent last month to a seasonally adjusted annual rate of 5.57 million, the best performance since February 2007.

Buyers are quickly making offers amid tight supplies of homes on the market, boosting prices as the traditional buying season reached its crescendo.

The solid job market and mortgage rates near historic lows have kept demand steady, even though the number of listings on the market has dropped.

The meager supplies have fueled price growth that has eclipsed wage gains while forcing buyers to either save more for down payments or borrow more heavily.

A separate indicator on remodeling activity by the Joint Center for Housing Studies at Harvard University is also accelerating at a pace above its historical average.