|
Low rise for housing sales
|
 |
August 26, 1997: 10:46 a.m. ET
July existing home sales strongest in the West and Northeast, flat in South
|
NEW YORK (CNNfn) - Home sales in the United States grew last month, the National Association of Realtors announced Tuesday, crediting low inflation and consumer confidence for the strength.
Sales of existing homes rose 2.2 percent in July to an adjusted annual rate of 4.4 million units. The report topped Wall Street's expectations of a 1.5 percent gain to 4.2 million units.
The NAR said the national median, or midpoint, price for existing single family homes for the month was $126,500, an increase of 4.1 percent from July 1996.
Regionally, the western United States posted the largest gain in existing home sales for July, up 8.0 percent from June to an adjusted annual rate of 940,000 units with a median home price of $163,900.
The Northeast had the second largest jump, rising 5.0 percent for the month to a rate of 630,000 units sold. The median sales price in the region was $148,300, an increase of 2.1 percent from one year ago.
In the South, typically the strongest housing market, sales were unchanged in July at a rate of 1.58 million units and a median price of $112,400. Midwest sales slowed 1.8 percent to 1.08 million units sold. The median price was $107,800. Prices in both the South and Midwest were up more than 5 percent from July 1996.
-- Randy Schultz
|
|
|
|
|
 |
|
