U.S. existing home sales show unexpected surge in July, end 4 months of decline
Date
8/25/2024 8:00:11 AM
(MENAFN) In July, U.S. existing home sales exceeded expectations, breaking a four-month streak of declining activity. According to the National Association of Realtors, home sales rose by 1.3 percent to a seasonally adjusted annual rate of 3.95 million units. This increase came as a result of improved supply conditions and lower mortgage rates, which have generated optimism about a potential rebound in housing market activity in the upcoming months. Economists had predicted a modest rise to a rate of 3.93 million units, indicating that the actual increase surpassed forecasts.
Despite the monthly improvement, year-over-year comparisons reveal a 2.5 percent decline in home resales for July. Additionally, the median price for existing homes increased by 4.2 percent from the previous year, reaching USD422,600. This price hike reflects ongoing demand and market dynamics amidst the fluctuations in sales activity. The uptick in sales suggests a tentative recovery in the housing market, bolstered by favorable conditions for buyers.
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