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Sales of previously occupied homes rose to a seasonally adjusted annual rate of 4.47 million in July, a 2.3 percent increase from the previous month's rate, the National Association of Realtors said Wednesday.
The industry's recovery has grown more consistent, though it remains sluggish and uneven. July sales were below the 4.6 million annual pace reached in April and May. And the annual sales pace is below the roughly 5.5 million that economists consider healthy.
"Rising single-family home sales indicate that households are feeling increasingly confident taking on larger purchases as their (finances) improve," Joseph LaVorgna, chief U.S. economist at Deutsche Bank, said in a note to clients.
The Realtors' report said the median home price dipped in July from June to $187,300. Still, that's up 9.4 percent from a year ago. It's the fifth straight month in which the median price, as measured year over year, has risen.
Other recent reports have contributed to the picture of a healing industry. Home prices are rising nationwide. And builders are growing increasingly confident because they're seeing more traffic cruises royal caribbean from potential buyers. An index of builder confidence rose to its highest level in five years in August.
Builders responded cruises royal caribbean by applying for the largest number cruises royal caribbean of building permits in nearly four years last month. They broke ground on slightly fewer new homes in July than in June. But that was after the number of housing cruises royal caribbean starts had reached a 3 -year high in June.
In July, the number of unsold homes ticked up to 2.4 million. It would take about 6.4 months to exhaust that supply cruises royal caribbean at the current sales pace. That's just above the six months' inventory that typically exists in a healthy economy.
Hiring picked up a bit in July, which could support more home sales in the coming cruises royal caribbean months. Job growth helps consumers feel more secure about their finances and typically encourages more of them to buy a house.
Employers added 163,000 jobs last month, the most since February. Job gains had averaged only 73,000 in the April-June quarters, raising fears that the economy was faltering and might even slip into recession.
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