US Existing Home Sales Surge: A Break in the Five-Month Downtrend
The latest report from the National Association of Realtors reveals a significant increase in existing home sales in the U.S., marking the first positive news for the industry in five months. In July 2023, sales rose by 2.2% compared to the previous month, totaling 5.17 million units. However, sales remain 18.6% lower than in the same month last year.
According to the data, the rise in sales is attributed to a decrease in mortgage interest rates, making home purchases more accessible for many Americans. The average rate for a 30-year mortgage was 6.8% in August, lower than the level recorded in July. Additionally, many regions are experiencing rising home prices, which has further stimulated the market, as buyers aim to purchase property before prices increase even more.
The real estate market remains under pressure from high inflation and economic instability, but recent data suggests a possible rebound in activity. Experts say the increased sales may indicate that buyers are starting to adapt to new economic conditions and are seeking opportunities for real estate investments.
