Existing US home sales jump at twice the expected pace in July
Ferguson Enterprises Inc. (DI)
15,770.00p
15:45 15/11/24
-2.59%
-420.00p
Existing home sales in the US jumped last month at nearly twice the pace that economists had forecast.
FTSE 100
8,060.61
15:45 15/11/24
n/a
n/a
FTSE 350
4,453.56
15:45 15/11/24
n/a
n/a
FTSE All-Share
4,411.85
15:45 15/11/24
n/a
n/a
Support Services
10,885.48
15:45 15/11/24
-0.85%
-93.62
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.