Existing Home Sales Break 16 Month Losing Streak
August 22, 2019
After a 1.7 percent drop in June, sales of existing homes rebounded for a 2.5 percent increase in July. This is exactly in line with economist predictions.
While the sales were a welcome rebound, the month also managed to see a 0.6 percent year-over-year increase. This marks the first year-over-year increase after 16 months of declines. It appears that the lowering mortgage rates and strong job market may finally be making an impact on the struggling housing market.