According to the National Association of Realtors (NAR) existing home sales rose 2.3% to an annual rate of 4.47m units last month, a figure just below analysts' expectations. The median price for a home resale nationwide was $187,300 in July, 9.4% higher than in the same month a year earlier.
Estimates in the Bloomberg survey ranged from 4.3 million to 4.8 million. The prior month’s pace was unrevised at 4.37 million, the lowest since October.
The median price of an existing home jumped 9.4 percent from a year earlier, the biggest 12-month gain since January 2006, to $187,300 from $171,200 in July 2011, today’s report showed.
Compared with a year earlier, purchases increased 11 percent before adjusting for seasonal variations.
The number of previously owned homes on the market climbed 1.3 percent to 2.4 million. At the current sales pace, it would take 6.4 months to sell those houses compared with 6.5 months at the end of the prior month. The group said it considers 6 months’ supply “normal.”
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