Existing Home Sales Up 7.7 Percent
Existing Home Sales Up 7.7 Percent
The National Association of Realtors reported Wednesday that existing home sales picked up in August as buyers could no longer resist the temptation to take advantage of rock-bottom prices. The NAR's report showed that sales of existing homes rose 7.7 percent last month to a seasonally adjusted annual pace of 5.03 million units from July's pace of 4.67 million.
The NAR figures exceeded projections from economists taking part in a recent Briefing.com survey, who had expected sales for the month to be at a pace of 4.7 million, on average. Home prices have remained low since the onset of the recession, and affordability is also very high as interest rates have remained at or near historic lows for months. The housing market has struggled to improve, however, as strict lending standards have prevented many potential buyers from qualifying for mortgages.
The National Association of Realtors reported Wednesday that existing home sales picked up in August as buyers could no longer resist the temptation to take advantage of rock-bottom prices. The NAR's report showed that sales of existing homes rose 7.7 percent last month to a seasonally adjusted annual pace of 5.03 million units from July's pace of 4.67 million.
The NAR figures exceeded projections from economists taking part in a recent Briefing.com survey, who had expected sales for the month to be at a pace of 4.7 million, on average. Home prices have remained low since the onset of the recession, and affordability is also very high as interest rates have remained at or near historic lows for months. The housing market has struggled to improve, however, as strict lending standards have prevented many potential buyers from qualifying for mortgages.
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