Reuters News reports that home sales were up in July helped by low interest rates and improved hiring. Sales of previously owned homes rose 2.3 percent to an annual rate of 4.47 million units, the National Association of Realtors said on Wednesday. The level of sales was just below analysts’ expectations of a 4.52 million-unit rate.
“The housing sector has turned a corner, and demand will continue to improve,” said Michelle Girard, an economist at RBS in Stamford, Connecticut. “The data also underscores the fact that improvement will be gradual.”
The pace of sales has rebounded since bottoming out in 2010, but remains about 40 percent below its 2005 peak. Indeed, the current sales pace is roughly in line with 1997 levels.