U.S. existing home sales rose in July for second straight month

Aug 23 (Reuters) – U.S. existing home sales increased for the second consecutive month in July as inventories improved moderately, while prices eased from the prior month’s record level.

Existing home sales increased 2.0% to a seasonally adjusted annual rate of 5.99 million units last month from June’s upwardly revised pace, the National Association of Realtors said on Monday. Sales were unchanged in the Northeast, but increased in the Midwest, South and the West.

Economists polled by Reuters had forecast sales would decline to a rate of 5.83 million units in July.

Home resales, which account for the bulk of U.S. home sales, increased 1.5% on a year-on-year basis. The median sales price slipped to $359,900 from June’s record level but was still up 17.8% from a year earlier.

The sales rate increase suggests the drop-off in sales this year from last year’s 14-year high may have run its course.

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