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Existing Home Sales at an eight-year high

Wednesday, Jul 22 2015
Total existing-home sales increased 3.2% to a seasonally adjusted annual rate of 5.49 million in June from a downwardly revised 5.32 million in May. Analysts were predicting increase to 5.40 million. Sales are now at their highest pace since February 2007 (5.79 million), have increased year-over-year for nine consecutive months and are 9.6% above a year ago (5.01 million).
 
Lawrence Yun, NAR chief economist, says backed by June's solid gain in closings, this year's spring buying season has been the strongest since the downturn. "Buyers have come back in force, leading to the strongest past two months in sales since early 2007," he said. "This wave of demand is being fueled by a year-plus of steady job growth and an improving economy that's giving more households the financial wherewithal and incentive to buy."
 
Adds Yun, "June sales were also likely propelled by the spring's initial phase of rising mortgage rates, which usually prods some prospective buyers to buy now rather than wait until later when borrowing costs could be higher."
 
After the data USD was pushed higher against its major rivals. Euro is currently being traded few points below 1.09 handle, Sterling is around 1.5620 area, while Aussie is few points above 0.7370 level. 

More in this category: « Euro higher ahead of second Greek reform vote Greece passed second bundle of reform laws »

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