Existing Home Sales Rise 2.4 Percent in July, Fastest Pace in Year

Thursday, 21 Aug 2014 10:54 AM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

Sales of existing U.S. homes rose in July to their fastest pace in almost a year amid building momentum in the housing market, the National Association of Realtors said Thursday.

Sales of existing homes, the largest part of the market, rose 2.4 percent to an annual rate of 5.15 million units in July, the highest rate since last September, according to the association.

The June sales rate was revised slightly lower to 5.03 million.

The July sales pace was the strongest of the year, but still 4.3 percent below the year-ago level, which was the peak of 2013.

Lawrence Yun, NAR's chief economist, said that sales momentum was emerging behind stronger job growth and more homes on the market.

"The number of houses for sale is higher than a year ago and tamer price increases are giving prospective buyers less hesitation about entering the market," he said.

"More people are buying homes compared to earlier in the year and this trend should continue with interest rates remaining low and apartment rents on the rise."

The median existing-home price in July was $222,900, up 4.9 percent from a year ago. July marked the 29th consecutive month of year-over-year price gains.

The inventory of existing homes for sale at the end of July rose 3.5 percent to 2.37 million, a 5.5-month supply at the current sales pace.

"Another solid and better-than-expected U.S. housing report this week suggests that, while downshifting from last year's torrid pace, the recovery remains fully intact," said Robert Kavcic of BMO Capital Markets.

© AFP 2014

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

Stocks Rally Most in Year Amid Earnings, ECB Outlook; Oil Gains

Tuesday, 21 Oct 2014 17:01 PM

U.S. stocks extended a rebound, with the Standard & Poor's 500 Index rallying the most in a year, as speculation grew th . . .

Tax Inversion Lobbying Booms as Companies Fight Against Obama

Tuesday, 21 Oct 2014 14:14 PM

The number of companies lobbying the U.S. government on tax inversions more than doubled in the quarter ending Sept. 30, . . .

Apple’s China ICloud Attacked by State Hackers, Greatfire Says

Tuesday, 21 Oct 2014 13:57 PM

Apple's iCloud service in China was attacked by government-backed hackers, according to Greatfire.org, which monitors In . . .

Most Commented
Top Stories

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved