Previously Owned U.S. Home Sales Rise to Eight-Month High
Source: Bloomberg
By Victoria Stilwell Jul 22, 2014 10:42 AM ET
Sales (ETSLTOTL) of previously owned U.S. homes climbed in June to an eight-month high as more listings helped prices cool, luring buyers into the market.
Sales increased 2.6 percent to a 5.04 million annual rate last month, led by gains in all four U.S. regions, figures from the National Association of Realtors showed today in Washington. The median forecast of 78 economists surveyed by Bloomberg projected sales would rise to a 4.99 million rate. Prices advanced at the slowest pace since March 2012 and inventories rose to an almost two-year high.
Historically low interest rates and smaller price increases are helping bring homeownership within reach for more Americans. A pickup in employment opportunities that lead to faster wage growth would provide an added spark for a residential real-estate market that began to soften in the middle of 2013.
Were recovering from the winter doldrums, more people are working and interest rates are attractive, said Brian Jones, senior U.S. economist at Societe Generale in New York, who projected a 5.05 million pace of sales for June.
Read more: http://www.bloomberg.com/news/2014-07-22/sales-of-existing-homes-in-u-s-rise-to-an-eight-month-high.html
titaniumsalute
(4,742 posts)Although price increases are good for us homeowners, it is bad when they go up quickly. Small price increases are much better than a rocket ship with prices.
proverbialwisdom
(4,959 posts)otohara
(24,135 posts)Gawd the house next door just went for a whopping $375,000 and they are now trying to rent it for $3200. It's 1300 square ft, no garage, and a lawn that is all weeds.
zeemike
(18,998 posts)The investor class has money to burn right now, and real estate is profitable as rent producers and market value.
Burt working people don't...and the only attractive thing about the interest rate is it is not a total rip off right now.
magical thyme
(14,881 posts)year over year is down 2.5% or so.