July marked the third consecutive monthly gain for existing home sales. According to the National Association of Realtors, sales of pre-owned homes from all categories – single-family homes to condominiums – rose 2% from the previous month.
Even more impressive than the three-month gain, however, is that July had the fastest rate of sales since February 2007 – making it the highest since the housing bubble crisis and recoup. Additionally, single-family homes also reached a new sales high, unmatched since February 2007.
According to Lawrence Yun, Chief Economist at the National Association of Realtors, the gain can be attibuted to the growth of the job market and the constant threat of rising mortgage rates. "As a result,” Yun said, “current homeowners are using their increasing housing equity towards the down payment on their next purchase."
Source: Mortgage News Daily