Existing US home sales jump at twice the expected pace in July

Existing home sales in the US jumped last month at nearly twice the pace that economists had forecast.

According to the National Association of Realtors, second home sales surged at a month-on-month pace of 24.7% in July to reach 5.86m.

Economists had forecast a reading of 5.33m.

In comparison to a year earlier, sales rose at a 8.7% clip year-on-year.

NAR chief economist Lawrence Yun described conditions in US housing as "booming".

The median price of an existing home in the States was up by an annualised 8.5% in July to reach $304,100, amid rising prices in all regions.

In parallel, the inventory of available homes for sale hit 1.5m, having fallen by 2.6% from the month before and 21.1% from a year ago.