Steel Markets
August 20, 2015
Existing Home Sales Up for Third Month
Written by Sandy Williams
Existing home sales increased for the third consecutive month in July. The seasonally adjusted annual rate for July was at 5.59 million, up 2 percent from a downwardly revised 5.48 million in June. Sales were at their highest pace since February 2007, said the National Association of Realtors, but first time buyer sales dropped to their lowest share (28 percent) since January.
“The fact that first-time buyers represented a lower share of the market compared to a year ago even though sales are considerably higher is indicative of the challenges many young adults continue to face,” adds Yun. “Rising rents and flat wage growth make it difficult for many to save for a downpayment, and the dearth of supply in affordable price ranges is limiting their options.”
