Resales of U.S. single-family homes and condos rose 7.2% in July to a seasonally adjusted annual rate of 5.24 million, the highest level since August 2007, the National Association of Realtors reported Friday.
Resales have gained for four consecutive straight months, the longest streak of increases since 2004. “Momentum is building,” said Lawrence Yun, NAR’s chief economist.
Economists surveyed by MarketWatch had expected sales to rise to an annual rate of 5 million. Inventories of unsold homes remain elevated, with a 9.4-month supply at the July sales rate, matching the prior month’s result.
Without seasonal adjustment, the median sales price fell 15.1% in the past year to $178,400. Distressed properties accounted for 31% of sales in July.
(Source: Fox / MarketWatch)
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2 Responses
Increased foreclosures and falling prices are BAD NEWS. That this is considered good news suggests that Mr. Market is mildly deranged (good time to short the markets).
“Distressed properties accounted for 31% of sales in July.”
“sales price fell 15.1% in the past year ”
Good news?????
This is what is called a market desparate for good news.
Wall street is sometimes but not always the best indicator of the truth, they are notoriously prone to overblowing bad news and making up/blowing out of proportion good news based on emotional reactions and need.