Record increase in second-hand house sales in the USA
US second-hand house sales increased by 24.7 percent in July, the biggest increase of all time
US second-hand home sales grew 24.7 percent in July, the biggest increase of all time, to 5.86 million. According to the median estimates of economists surveyed by Bloomberg, sales were up 14.6 percent to 5.41 million.
This recovery in the housing market, which continues to provide a fundamental boost to economic recovery, is due to the decline in mortgage rates.
Estimates of the 60 economists surveyed came between 4.88 million and 6.01 million. June data has been revised from 4.72 million to 4.70 million. Thus, the increase in June was realized at the level of 20.2 percent. Housing stocks, on the other hand, decreased to 1.5 million with this movement.
“The housing market has passed its recovery phase and is now booming,” said Lawrence Yun, chief economist at NAR. “Clearly, low mortgage rates are driving more buyers into the market.”