Sales of existing-homes rose 9.1 percent to a seasonally adjusted annual rate of 5.61million in the second quarter from 5.14 million in the first quarter, and was 17.3 percent above the 4.78 million homes sold in the second quarter of 2009. Sales in 47 states and the District of Columbia were higher than a year ago.
The national median home price of an existing home was $176,900 during the second quarter, up 1.5 percent from $174,200 a year ago. Distressed homes accounted for 32 percent of second-quarter sales, down from 36 percent a year ago.
In the second quarter, 100 out of 155 metro areas posted higher median home prices, including 14 with double-digit increases. That marks a notable improvement compared to the second quarter of 2009 when 26 metro areas posted price increases. Only 53 metro areas had price declines during the second quarter.
Existing-home sales rose in three of the four regions of the country in the second quarter. All points to some stability in the national housing market.