July exisitng homes sales up 4.5 percent by Maggie McNeil
Existing home sales rebounded in July, while mortgage rates continued to decline, the National Association of Realtors reported Monday. Sales rose 4.5 percent to a seasonally adjusted annual rate of 5.33 million units in July, up from an upwardly revised pace of 5.10 million units in June. July sales were 0.6 percent above the 5.30 million unit pace seen in July 2001. "Mortgage interest rates were historically low in July. They're the lowest since Freddie Mac started tracking them in 1971, and looking at other sources, we have to go back to 1967 to see interest rates as low as they are today," said NAR chief economist David Lereah. He said low interest rates and other market fundamentals should keep the housing market on track for another record year.
Existing home sales rebounded in July, while mortgage rates continued to decline, the National Association of Realtors reported Monday. Sales rose 4.5 percent to a seasonally adjusted annual rate of 5.33 million units in July, up from an upwardly revised pace of 5.10 million units in June. July sales were 0.6 percent above the 5.30 million unit pace seen in July 2001. "Mortgage interest rates were historically low in July. They're the lowest since Freddie Mac started tracking them in 1971, and looking at other sources, we have to go back to 1967 to see interest rates as low as they are today," said NAR chief economist David Lereah. He said low interest rates and other market fundamentals should keep the housing market on track for another record year.
