U.S. Existing Home Sales Rise to Pre-Recession Pace
August 20 2015 - 10:40AM
Dow Jones News
WASHINGTON—The pace of home sales in July climbed to their
highest since before the recession, buoyed by strong sales in
single-family properties.
The pace of existing home sales increased 2% last month from
June to a seasonally adjusted rate of 5.59 million, the National
Association of Realtors said Thursday. Last month's sales pace was
the highest since February 2007.
Sales for June were slightly revised down to 5.48 million from
an initially reported 5.49 million.
Economists surveyed by The Wall Street Journal had expected July
sales would dip 0.7% to a pace of 5.45 million.
Tight inventories have driven prices up, keeping some buyers out
of the market. Lawrence Yun, NAR's chief economist, noted that
first-time buyers declined to 28% of all buyers, the lowest share
since January. Rising rents across the country are also eating into
the savings that people might put toward a down payment.
"We have to recognize that we have a broad-based housing
shortage," said Mr. Yun. "Home builders have been essentially out
of the game or underproducing for the past decade."
Mortgage rates are still low by historical standards, but could
rise in the fall if the Federal Reserve raises interest rates.
News Corp, owner of The Wall Street Journal, also owns Move
Inc., which operates a website and mobile products for the National
Association of Realtors.
Write to Anna Louie Sussman at anna.sussman@wsj.com and Eric
Morath at eric.morath@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
August 20, 2015 10:25 ET (14:25 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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