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Home Prices Surge in July Despite Higher Interest Rates

Existing-home sales increased 6.5 percent to a seasonally adjusted annual rate of 5.39 million in July, up from a downwardly revised rate of 5.06 million in June, according to the National Association of Realtors (NAR).

“Mortgage interest rates are at the highest level in two years, pushing some buyers off the sidelines,” said NAR Chief Economist Lawrence Yun in a statement. “The initial rise in interest rates provided strong incentive for closing deals.  However, further rate increases will diminish the pool of eligible roblox download buyers.”

Housing inventory episode choose your story hack rose 5.6 percent month over month to 2.28 million existing homes in July, representing a 5.1-month supply of homes herpes transmission at the current rate of home sales, NAR said. That’s down 5 percent from a episode free gems year ago, when there was a 6.3-month supply, according to the trade group.

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