Pace of Existing Home Sales Rises to 8-Month High

Home Sales
Michael Dwyer/AP
By Jason Lange

WASHINGTON -- U.S. home resales rose in June to their fastest pace in eight months, a signal that the housing market was pulling out of a slump.

The National Association of Realtors said Tuesday existing home sales increased 2.6 percent to an annual rate of 5.04 million units.

That was above analyst expectations and marked the third straight month the pace of home resales accelerated.

The housing recovery stalled in the second half of 2013 as interest rates increased and a dwindling supply of properties available for sale pushed prices sharply higher.

But mortgage rates have eased a bit in recent months and the nation's job market has improved, helping the market for homes.

May's rate of sales was revised upward to a 4.91 million unit pace from the previously reported 4.89 million unit rate.

Also supporting home sales, more homes are being put on the market, keeping prices from rising as quickly.

The number of homes on the market for resale rose to 2.3 million in June, the highest level since August 2012 and 6.5 percent more than in June of last year.


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Big John

Don't see it here unless you want to give your house away and listen to the bs about comps from the real estate agents. When you sell things are bad but when you want to buy things are great.

July 22 2014 at 11:22 PM Report abuse +1 rate up rate down Reply
mvr1464

Don't see it here in New Jersey, that is for sure.

July 22 2014 at 1:31 PM Report abuse rate up rate down Reply
createidea

WASHINGTON -- U.S. home resales rose in June to their fastest pace in eight months, a signal that the housing market was pulling out of a slump. That was above analyst expectations and marked the third straight month the pace of home resales accelerated.....

LOL !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Yeah, right.

July 22 2014 at 12:06 PM Report abuse +2 rate up rate down Reply