WASHINGTON — Existing home sales rose 2.4% to a seasonally adjusted 5.15 million-unit rate in July from a revised 5.03 million pace the previous month, the National Association of Realtors announced Thursday.
The June figure was originally reported as a 5.04 million unit rate.
The July rate represents a 4.3% decrease from the same month a year ago, but was stronger than the median 5.02 million unit pace predicted by economists polled by Thompson Reuters.
Sales rose in July from the previous month in three of the four geographical regions: flat in the in the Northeast, up 1.7% in the Midwest, 3.4% higher in the South and 2.6% better in the West.
NAR chief economist Lawrence Yun said July looked to be a very good month for housing, noting a rise in housing starts that should help alleviate the inventory constraints that Yun said has been hampering home sales. Inventory levels rose 3.5% from the previous month to 2.37 million existing homes, representing a 5.5-month supply at the current pace. Inventory was up 5.8% from the July 2013 level.
"More inventory means more home sales, in my view," Yun said.
The median sales price was $222,900 in June, a 4.9% increase from a year ago.
