Existing home sales declined 2.3% in June 2014 from June 2013, reaching an annual pace of 5 million sales for the first time since October 2013, while rising inventory continues to push overall supply towards a more balanced market, according to the National Association of Realtors.
Sales are at the highest pace since October 2013, but remain 2.3% below the 5.16 million-unit level a year ago.
The downward pressure on existing home sales comes from the West, where sales remain 7.3% below June 2013.
Total existing home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, climbed 2.6% from May 2014 to a seasonally adjusted annual rate of 5.04 million.
Single-family home sales rose 2.5% to a seasonally adjusted annual rate of 4.43 million in June from 4.32 million in May, but remain 2.9% below the 4.56 million pace a year ago.
The median existing single-family home price was $224,300 in June, up 4.5% from June 2013.