U.S. home resales rose in June to their fastest pace in
eight months, a signal that the housing market was pulling out of a
slump.
On Tuesday, the National Association of Realtors said
existing home sales increased 2.6 percent to an annual rate of 5.04 million
units and marked the third straight month the pace of home resales accelerated.
U.S. homebuilder stocks rose following the release of the data, with the Dow
Jones index for home construction up 1.7 percent.
The U.S. housing recovery stalled in the second half of
2013 as interest rates increased and a dwindling supply of properties available
for sale pushed prices sharply higher. But mortgage rates have eased a bit in
recent months and the nation's job market has improved, helping the market for
homes.
May's rate of sales was revised upward to a 4.91 million
unit pace from the previously reported 4.89 million unit rate. In June, the
average existing home sold after being on the market for only 44 days. It was
the sixth straight month in which that rate had declined. More homes also are
being put on the market, keeping prices from rising as quickly and providing
potential buyers with more choices.
The number of homes on the market for resale rose to 2.3
million in June, the highest level since August 2012 and 6.5 percent more than
in June of last year. The median price was $223,300, 4.3 percent higher than in
June 2013 and the slowest pace of appreciation in more than two years.
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