U.S. home sales rise in July Sales of previously owned U.S. homes rose in July, as more inventory hit the market and an increase in mortgage interest rates likely motivated buyers. Sales were up 6.5% from the prior month and 17.2% from the same month a year earlier. Homes sold at a seasonally adjusted annual rate of 5.39 million units last month, the National Assn. of Realtors reported Wednesday. The chief economist of the group, Lawrence Yun, said in a news release that in the short-term, sales will jump as people fear getting priced out of the market. But more people will be priced out of the market as the increase in mortgage financing drives down the number of eligible buyers, he said.
Posted on: Wed, 21 Aug 2013 22:03:27 +0000
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