Posted To: MND NewsWire

Existing-home sales posted a second month of significant sales gains in July, building on a record 20.7 percent increase in June. The National Association of Realtors ® (NAR) said sales were at a seasonally adjusted 5.86 million units, a 24.7 percent month-over-month increase from 4.72 million and overturning the June record for monthly gains. Sales are now higher than the previous year by 8.7 percent. Each of the four major regions attained double-digit, month-over-month increases, while the Northeast was the only region to show a year-over-year decline. The record-setting pace was greater than what were some outsized predictions. Analysts polled by Econoday had projected sales to fall in a range of 4.60 to 5.75 million. The consensus was 5.4 million. “The housing market is well past the…(read more)

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Source: Mortgage News Daily