WASHINGTON (AP) — U.S. home sales increased 2.5% in July, a sign that lower mortgage rates have produced a spurt of home-buying.
The National Association of Realtors said Wednesday homes sold last month at a seasonally adjusted annualized rate of 5.42 million units, up from 5.29 million in June.
Average interest rates on 30-year mortgages have fallen to 3.60%, the lowest in nearly three years. Cheaper borrowing costs have enabled sales to rise 0.6% from a year ago, ending 16 consecutive months of annual sales declines.
Jennifer Lee, a senior economist at BMO Capital Markets, said the sales growth should ease concerns about a weakening economy.
“This may not be the most exciting of economic reports, but at least it helped ease recession fears,” she said.
The low rates are providing a boost to a housing sector where affordability remains an obstacle for many would-be buyers. Home prices have risen fastest for the bottom half of the market since 2012, making it harder to save for a down payment or manage monthly payments at a higher mortgage rate.
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