Monday, July 28, 2014

Home sales in United States reach maximum eight months

Sales of existing homes in the United States rose in June to its fastest pace in eight months, a sign that the housing market is emerging from a period of weakness.

The National Association of Realtors (NAR, for its acronym in English) reported Tuesday that sales of existing homes rose 2.6% in June to an annualized rate of 5.04 million units.

The figure was higher than expected by analysts and marked the third consecutive month in which the sales pace has accelerated existing housing.

The recovery in the housing sector stagnated in the second half of 2013 due to an increase in interest rates and a reduction in the supply of properties available for sale boosted prices.

However, mortgage rates have dropped a bit in recent months and the country's labor market has improved, which has helped the housing market.

The May sales rate was revised up to a pace of 4.91 million units from the previously reported rate of 4.89 million units.

Sales also have been supported by the fact that more homes are coming to market, preventing prices from rising so quickly.

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

No comments:

Post a Comment