July 2014 Existing Home Sales

According to CNBC, “Americans resold their homes in July at the fastest pace in almost a year, a sign the housing market was gaining steam again.”

On August 21, 2014, the National Association of Realtors reported a 2.4% increase (5.15 million units annually) in existing home sales in July 2014.  This sales increase was above expectations and marked the fourth straight monthly increase of existing homes.  It was also the highest level since September 2013.

In July, existing homes on the market rose to 2.37 million which is the highest level since August 2012 and 5.8% more than July 2013.  Median sales price was $222,900 which was 4.9% higher than in July 2013.  These increases are thought to be due to the continuance of a Federal Reserve bond-buying program, lower mortgage rates, and job growth.

What are you expecting to happen for existing home sales for the rest of 2014?