Thursday, August 25, 2016

Sales Down, Prices Up

After four straight months of strong gains, U.S. home resales finally fell in July, and by more than was expected. Existing home sales declined 3.2 percent to an annual rate of 5.39 million units last month, the National Association of Realtors said.

The NAR blamed the drop in sales on the small number of properties on the market. The upside of that: The median house price rose by 5.3 percent from a year ago.

A separate report from the Federal Housing Finance Agency showed house prices rose 1.2 percent from the first quarter to the second quarter. They were up 5.6 percent from the second quarter of 2015.

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