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Existing home sales in the U.S. reach their highest pace for 2014 in July

PORTLAND, OR , Aug. 21, 2014 (RISI) - 

U.S. existing-home sales rose 2.4% to a seasonally adjusted annual rate of 5.15 million in July from a slight downwardly-revised 5.03 million in June, according to the National Association of Realtors. Sales are at the highest pace this year and have risen four consecutive months, but remain 4.3% below the 5.38 million-unit level from last July, which was the peak of 2013.

Lawrence Yun, NAR chief economist, says sales momentum is slowly building behind stronger job growth and improving inventory conditions. "The number of houses for sale is higher than a year ago and tamer price increases are giving prospective buyers less hesitation about entering the market," he said. "More people are buying homes compared to earlier in the year and this trend should continue with interest rates remaining low and apartment rents on the rise."

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