Home sales increase even with higher interest rates

Existing-home deals expanded 6.5 percent to an occasionally balanced twelve-month rate of 5.39 million in July, up from a downwardly reexamined rate of 5.06 million in June, consistent with the National Association of Realtors (NAR). “Mortgage interest rates are at the most elevated amount in two years, pushing a few purchasers off the sidelines,” said NAR Chief Economist Lawrence Yun in a comment. “The beginning ascent in interest rates gave solid impetus for settling negotiations. However, further rate increments will reduce the pool of qualified purchasers.” Housing stock rose 5.6 percent month over month to 2.28 million existing homes in July, speaking to a 5.1-month supply of homes at the present rate of home deals, NAR said. That is down 5 percent from a year back, when there was a 6.3-month supply, consistent with the trade group