Last week's scheduled economic news included reports on new and existing home sales, the FHFA House Price Index, and weekly reports on mortgage rates and new jobless claims. The week finished with a report on consumer sentiment.
Housing markets show continued signs of strengthening according to reports released on Wednesday. The National Association of RealtorsÂ® reported that sales of pre-owned homes rose to 5.49 million in June as compared to Mayâs revised reading of 5.32 million pre-owned homes sold and expected sales estimated at 5.42 million sales. Expectations were based on Mayâs original reading of 5.35 million sales. Juneâs reading was the highest since February of 2007. Readings for existing home sales are calculated on a seasonally adjusted annual basis.
Sales of existing homes reached their highest volume in almost six years in August. The National Association of REALTORS reported Thursday that sales of existing homes rose 1.70 percent in August to a seasonally-adjusted annual rate of 5.48 million existing homes sold.
The National Association of REALTORSÂ® released its Existing Home Sales report for March on Monday. Sales dipped from Februaryâs seasonally adjusted annual rate of 4.95 million to 4.92 million existing homes sold in March, a decrease of 0.6 percent month-to-month.
Home sales dropped last month, but not because demand was lacking. There are fewer homes for sale than at any time in the last 11 years.