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Existing Home Sales Jump In July

Sales of existing homes rose 6.5 percent in July and were up 17.2 percent from a year ago, though the National Association of Realtors warns rising mortgage rates could slow the pace of sales.

Still, existing home sales have come in above year-ago levels for 25 straight months now.

“The initial rise in interest rates provided strong incentive for closing deals,” said NAR Chief Economist Lawrence Yun. “However, further rate increases will diminish the pool of eligible buyers.”
The Washington-based association also thinks an improving jobs picture and a return to more normal underwriting standards will continue to support the housing market.

Its monthly report on existing home sales also shows the median price in July was up 13.7 percent from July 2012.

Source: Washington Business Journal