FOREX TradingCharts.com

Financial News: U.S. Existing Home Sales Unexpectedly Show Continued Jump

U.S. Existing Home Sales Unexpectedly Show Continued Jump In August

09/19/2019 - 10:19:00 (RTTNews)

(RTTNews) - Citing falling mortgage rates, the National Association of Realtors released a report on Thursday showing an unexpected jump in U.S. existing home sales in the month of August.

NAR said existing home sales surged up by 1.3 percent to an annual rate of 5.49 million in August after spiking by 2.5 percent to a rate of 5.42 million in July.

The continued increase came as a surprise to economists, who had expected existing home sales to pull back by about 0.4 percent.

"Buyers are finding it hard to resist the current rates," said NAR chief economist Lawrence Yun. "The desire to take advantage of these promising conditions is leading more buyers to the market."

The report said the median existing home price in August was $278,200, down 0.8 percent from $280,400 in July but up 4.7 percent from $278,200 a year ago. August's price increase marks the 90th straight month of year-over-year growth.

"Sales are up, but inventory numbers remain low and are thereby pushing up home prices," said Yun. "Homebuilders need to ramp up new housing, as the failure to increase construction will put home prices in danger of increasing at a faster pace than income."

NAR said total housing inventory fell to 1.86 million existing homes available for sale at the end of August, representing 4.1 months of supply at the current sales pace.

The report also said single-family home sales surged up by 2.9 percent to a rate of 4.90 million, while existing condominium and co-op sales jumped by 1.7 percent to 590,000.

Next Wednesday, the Commerce Department is scheduled to release a separate report on new home sales in the month of August.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2019 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


Belgium Consumer Confidence Improves In October (07 hr(s), 30 min(s), 28 sec(s) ago)
(RTTNews) - Belgium's consumer confidence rose for the first time in three months in October, ...Full Story»

Germany May Have Entered Recession In Q3: Bundesbank (08 hr(s), 34 min(s), 28 sec(s) ago)
(RTTNews) - Germany might have entered a technical recession in the third quarter, the Bundesbank ...Full Story»

Latvia Producer Price Inflation Rises In September (09 hr(s), 05 min(s), 28 sec(s) ago)
(RTTNews) - Latvia's producer price inflation rose in September for the first time in nearly a ...Full Story»

Slovenia Output Prices Rise Further In September (09 hr(s), 13 min(s), 28 sec(s) ago)
(RTTNews) - Slovenia's output price inflation rose in September, figures from the Statistical ...Full Story»

Croatia Jobless Rate Falls In September (10 hr(s), 02 min(s), 28 sec(s) ago)
(RTTNews) - Croatia's jobless rate fell marginally in September after remaining unchanged in t ...Full Story»

Swiss Money Supply Growth Weakest In 11 Months (10 hr(s), 03 min(s), 28 sec(s) ago)
(RTTNews) - Switzerland's money supply grew at the slowest pace in nearly a year in September, ...Full Story»

Poland Retail Sales Rise In September (10 hr(s), 12 min(s), 28 sec(s) ago)
(RTTNews) - Poland's retail sales grew in September from last year, figures from Statistics Po ...Full Story»

UK Household Finances Remain Under Pressure (10 hr(s), 15 min(s), 28 sec(s) ago)
(RTTNews) - UK households' perception of financial wellbeing remained negative in October but ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

Belgium Consumer Confidence Improves In October

10/21/2019 - 09:40 AM (RTTNews)
(RTTNews) - Belgium's consumer confidence rose for the first time in three months in October, ...Full Story>>

Germany May Have Entered Recession In Q3: Bundesbank

10/21/2019 - 08:36 AM (RTTNews)
(RTTNews) - Germany might have entered a technical recession in the third quarter, the Bundesbank ...Full Story>>

Latvia Producer Price Inflation Rises In September

10/21/2019 - 08:05 AM (RTTNews)
(RTTNews) - Latvia's producer price inflation rose in September for the first time in nearly a ...Full Story>>

Slovenia Output Prices Rise Further In September

10/21/2019 - 07:57 AM (RTTNews)
(RTTNews) - Slovenia's output price inflation rose in September, figures from the Statistical ...Full Story>>

Croatia Jobless Rate Falls In September

10/21/2019 - 07:08 AM (RTTNews)
(RTTNews) - Croatia's jobless rate fell marginally in September after remaining unchanged in t ...Full Story>>
Copyright © 2019. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.