Existing Home Sales Beat Expectations, Rise by 1.3 Percent in July

Existing home sales slightly surpassed forecasts last month, encouraging sellers to put their properties up for sale. Existing home sales increased by 1.3 percent in July from the previous month, “breaking a streak of four consecutive monthly declines,” the National Association of Realtors (NAR) said in an Aug. 22 statement. Out of the four major U.S. regions, three saw sales increases, with the Midwest remaining steady. “Despite the modest gain, home sales are still sluggish,” said NAR chief economist Lawrence Yun. “But consumers are definitely seeing more choices, and affordability is improving due to lower interest rates.” A total of 3.95 million existing homes were sold in July, “slightly exceeding” expectations, real estate marketplace Zillow said in an Aug. 23 research post. “Existing home sales rebounded from a low point in June, indicating a return to a more typical pattern....