August Home Resales as Good as They’re Likely to Get
Existing single-family home sales set a second consecutive monthly record in August, rising 5.5% to a seasonally adjusted annual rate of 6.47 million units, the National Association of Realtors® announced last week.
Sales activity in August was 21.8% above the level recorded during the same month of 2002.
Existing home sales have probably now peaked out, however, according to David Lereah, chief economist for the Realtors®.
“Some of the home sales closed in August were negotiated in June when mortgage interest rates hit record lows,” he said. “Much of the remaining portion of sales reflect quick decisions to make offers in July when interest rates began to rise sharply.”