WASHINGTON: U.S. home sales rose more than expected in July, boosted by lower mortgage rates and a strong labor market, signs the Federal Reserve's shift toward lower interest rates was supporting the economy.
The National Association of Realtors said existing home sales rose 2.5per cent to a seasonally adjusted annual rate of 5.42 million units last month. July's sales pace was revised slightly higher to 5.29 million units from the previously reported 5.27 million units. Last month's increase left existing home sales, which make up about 90 percent of U.S. home sales, higher than they were a year earlier for the first time in 17 months. The U.S. home market slipped into a rut last year as the U.S. central bank continued a rate-hiking campaign.
This preliminary estimate will be refined and incorporated early next year into the Labor Department's estimates for job gains through 2019, which have been robust although on average slower than in 2018.sentifi.comThe 30-year fixed mortgage rate dropped to an average of 3.77per cent in July from more than a seven-year peak of 4.94per cent in November, according to data from mortgage finance agency Freddie Mac. The average rate fell to 3.6per cent in the Aug.
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