Many economists have predicted that home sales could continue to see an increase in the coming months.
The month of July saw U.S. home sales break a four-month slide while mortgage rates throughout the country have begun to ease.On Thursday, data from the National Association of Realtors showed that existing home sales increased by 1.3 percent in July when compared to the previous month. The seasonly adjusted annual rate of home sales in July reached 3.95 million, the data showed.Despite a rise from the previous month, the number of existing home sales in July is still down by 2.
22 percent in May. As of August, the average mortgage rate is around 6.5 percent, which is the lowest the nation has seen in a year.Lawrence Yun, a chief economist at the National Association of Realtors, told the AP that 'despite the modest gain, home sales are still sluggish.''But consumers are definitely seeing more choices, and affordability is improving due to lower interest rates,' Yun said.
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