- Existing Home Sales for July rose to 5.0M versus estimates of 4.91M and 4.85M in June.
BOTTOM LINE: Sales of previously owned homes in the US rose in July more than economists had expected, Bloomberg reported. The median price drooped 7.1% from July 2007 to $212,400. July’s sale rate was the highest since February. There were 11.2 month’s supply of unsold existing homes and condos on the market at the current sales pace in July. The rise in inventory was led by an increase in the supply of condos as buildings started one or two years ago came on the market, the Realtors group said. Purchases increased in three of four regions, led by a 9.7% jump in the West. Sales fell .5% in the South. The BankRate.com average 30-year fixed mortgage rate is currently 6.36%, down 15 basis points from 6.51% in July. Home sales have likely bottomed and should continue to improve modestly over the intermediate-term. As foreclosures diminish, inventories should fall meaningfully next year.
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