The seasonally adjusted pace of existing-home sales in the U.S. increased 2.6 percent from May to June and reached an annual pace of 5 million sales for the first time since October 2013.

That being said, the pace of existing-home sales remains 2.6 percent lower on a year-over-year basis while the inventory of unsold homes is 6.5 percent higher, up from 6.0 percent higher the month before.

The pace of existing-home sales in the West rose 2.7 percent from May to June but remains 7.3 percent lower on a year-over-year basis, down from 11.4 percent lower in May.

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