The number of existing homes increased in the month of July. The National Association of Realtors said its seasonally adjusted index rose 5.2 percent from a month earlier to a reading of 79.4. Economists surveyed by Thomson Reuters had expected the index would fall to 74.9. The sales report was driven by a nearly 12 percent jump in the West and a more than 6 percent increase in the Northeast. Sales were up 4 percent in the Midwest and about 1 percent in the South.
Even-though mortgage rates are at or near the lowest level in many years, the economy remains weak. In addition, many home-buyers continue to be scared away by the possibility that home prices could experience a downward turn again — something that most analysts expect.
No comments:
Post a Comment