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US housing sales increase in July US housing sales increase in July
(10 minutes later)
Sales of previously owned homes in the US rose 3.1% in July, as buyers took advantage of falling prices in the wake of the housing slowdown.Sales of previously owned homes in the US rose 3.1% in July, as buyers took advantage of falling prices in the wake of the housing slowdown.
Sales climbed to a seasonally adjusted annual rate of 5 million units, said the National Association of Realtors.Sales climbed to a seasonally adjusted annual rate of 5 million units, said the National Association of Realtors.
While the figures were greater than expected, home sales were still 13.2% less than the level a year earlier.While the figures were greater than expected, home sales were still 13.2% less than the level a year earlier.
Many parts of the US worst hit by the US sub-prime crisis have seen prices slump, sending average prices lower.Many parts of the US worst hit by the US sub-prime crisis have seen prices slump, sending average prices lower.
The median price for homes sold in July fell 7.1% year-on-year to $212,000 (£114,439).The median price for homes sold in July fell 7.1% year-on-year to $212,000 (£114,439).
"The data is not too significant, and the market hasn't reacted dramatically to it," said Al Kugel, chief investment strategist at Atlantic Trust.
But he added: "It is interesting that home sales have pretty much levelled off in 2008."
"The small rise in monthly home sales is a reflection of increased sales of foreclosed homes at very low prices, rather than a pick-up in the regular private sales market," said economist Ian Shepherdson at High Frequency Economics."The small rise in monthly home sales is a reflection of increased sales of foreclosed homes at very low prices, rather than a pick-up in the regular private sales market," said economist Ian Shepherdson at High Frequency Economics.
"But they all count," he added."But they all count," he added.
However despite the increase in sales, the number of unsold homes for sales was sharply higher. However despite the increase in sales, the number of unsold homes for sale was sharply higher.
Unsold single-family homes and condominiums increased to 4.67 million, matching the record set in April.Unsold single-family homes and condominiums increased to 4.67 million, matching the record set in April.
Unsold homes are increasing in number as foreclosures increase. Unsold homes are increasing in the number of foreclosures increase.
Richard Gaylord, president of the National Association of Realtors said: "We hope the new tools in the hands of home buyers from the recently enacted housing stimulus package will spark a sustained sales uptrend in the months ahead."Richard Gaylord, president of the National Association of Realtors said: "We hope the new tools in the hands of home buyers from the recently enacted housing stimulus package will spark a sustained sales uptrend in the months ahead."