Existing-Home Sales Rise 6.5% in July - East Idaho News
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Existing-Home Sales Rise 6.5% in July

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Getty 082113 HomeSales?  SQUARESPACE CACHEVERSION=1377100769917David Sacks/Getty Images(WASHINGTON) — Sales of existing homes rose last month to the highest level since late 2009 as buyers looked to purchase homes before interest rates rise further.

“Sales are at the highest level in over three and a half years and they’re up in every region,” National Association of Realtors spokesman Walter Maloney said Wednesday.

Existing home sales were up 6.5 percent in July to an annual pace of nearly 5.4 million, according to the National Association of Realtors.

Some regional markets saw a double-digit jump in sales. But can that trend continue?

“Mortgage interest rates are at the highest level in two years,” Maloney said. “That’s pushed some buyers off to the sidelines and the initial rise in interest rates was a strong incentive for closing deals but additional rate increases will shrink the pool of buyers moving forward.”

Some local markets saw prices spike roughly 40 percent.

“We’ve regained a lot of what was lost,” Maloney said, “but we want to see prices come down to single-digit price growth because incomes are rising only at single-digit rates.”

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