Existing home sales up in July
NAFCU Research Assistant Doug Christman
Aug. 21, 2013 – High affordability and an improving labor market drove an increase in existing home sales in July, according to NAFCU Research Assistant Doug Christman in a Macro Data Flash on Wednesday.
“The increase in mortgage rates did not stifle home sales in July, but may cause housing affordability conditions to become less attractive in the future,” Christman warned. However, he said “the housing market continues to improve and should be one of the key drivers of economic growth throughout the year.”
The report was based on figures from the National Association of Realtors. It shows that existing home sales went up 6.5 percent nationwide to an annualized 5.39 million units, and year over year they went up 17.2 percent. Sales went up the most in the Northeast, with an increase of 12.7 percent, and the least in the South, with an increase of 5 percent.
The median existing home price, non-seasonally adjusted, decreased from (a revised) $214,000 in June to $213,500 in July – which is up from $187,800 a year ago.
NAFCU Macro Data Flash