The $8,000 Federal rebate and the highest affordability record in years were primary drivers of the gain. Distressed homes were 31% of the total, a reduction from previous months.
The monthly supply of homes increased 7% and remains unchanged at 9.4 months (demand increased along with supply). Six months is normal.
The increases were spread across the country, although the West had the lowest increase: 2% over May. The West is experiencing inventory shortages as buyers and investors are taking advantage of prices that are almost 30% lower than a year ago.