Existing Home Sales Rise at Fastest Pace in Two Years
Published: Friday, 21 Aug 2009 | 11:39 AM ET
By: Reuters Copyright 2009 Reuters.
Sales of previously owned U.S. homes jumped 7.2 percent in July to mark the fastest sales pace in nearly two years, an industry survey showed Friday, in a strong sign that housing is pulling out of a three-year slump.
Sales in July rose for the fourth straight month to hit an annual rate of 5.24 million units, the highest rate since August 2007, the National Association of Realtors said, beating market expectations for a 5 million unit pace. Sales in June had been at a 4.89 million pace.
July's increase was the largest monthly gain since the series started in 1999. The last time sales rose for four consecutive months was in June 2004, the NAR said.
The Realtors group heralded the July sales as a turning point, while some observers offered a more cautious view.
"The housing market has decisively turned for the better. We are bouncing back," NAR chief economist Lawrence Yun told reporters.
"Overall, these figures may suggest that the recovery in housing activity is gathering pace, but there is a long way to go yet," said Paul Dales, U.S. economist at Capital Economics in Toronto.
U.S. Federal Reserve Chairman Ben Bernanke, speaking at a gathering of central bankers and top economists in Jackson Hole, Wyoming, said prospects for a resumption in global economic growth after a deep contraction looked good "in the near term."
Compared to July last year, sales rose 5.0 percent. The improvement in sales in July was broad based with single-family home sales rising 6.5 percent to an annual rate of 4.61 million units and multi-family dwellings surging 12.5 percent to a 630,000 unit rate
By: Reuters Copyright 2009 Reuters.
Sales of previously owned U.S. homes jumped 7.2 percent in July to mark the fastest sales pace in nearly two years, an industry survey showed Friday, in a strong sign that housing is pulling out of a three-year slump.
| AP Home for sale - Coldwell |
July's increase was the largest monthly gain since the series started in 1999. The last time sales rose for four consecutive months was in June 2004, the NAR said.
The Realtors group heralded the July sales as a turning point, while some observers offered a more cautious view.
"The housing market has decisively turned for the better. We are bouncing back," NAR chief economist Lawrence Yun told reporters.
"Overall, these figures may suggest that the recovery in housing activity is gathering pace, but there is a long way to go yet," said Paul Dales, U.S. economist at Capital Economics in Toronto.
U.S. Federal Reserve Chairman Ben Bernanke, speaking at a gathering of central bankers and top economists in Jackson Hole, Wyoming, said prospects for a resumption in global economic growth after a deep contraction looked good "in the near term."
Compared to July last year, sales rose 5.0 percent. The improvement in sales in July was broad based with single-family home sales rising 6.5 percent to an annual rate of 4.61 million units and multi-family dwellings surging 12.5 percent to a 630,000 unit rate
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