U.S. home sales rose at a record pace for a second straight month in July and home prices hit a record as historically low interest rates boosted ...
U.S. home sales rose at a record pace for a second straight month in July and home prices hit a record as historically low interest rates boosted demand for homes even as the coronavirus pandemic put millions of people out of work.
The National Association of Realtors said on Friday existing home sales rose 24.7per cent to a seasonally adjusted annual rate of 5.86 million units last month. Data for June was revised down slightly to a 4.70 million unit pace from the originally reported 4.72 million.July's rise was the second straight increase, coming on the heels of a record monthly increase in June, and lifted the sales pace above the 5.
Economists polled by Reuters had forecast sales rising 14.7per cent to a rate of 5.38 million units in July. Housing has been a bright spot in the economy even as other sectors suffer amid widespread coronavirus infections that have slowed commerce and kept unemployment high. More than 28 million people were collecting jobless benefits at the end of July.
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