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Existing-home sales rise 6.5% in July

Aug. 21, 2013, 10:00 a.m. EDT
By Ruth Mantell

WASHINGTON (MarketWatch) --

July's existing-home sales rose 6.5% to a seasonally adjusted annual rate of 5.39 million, the highest level since late 2009, when buyers rushed to make a tax-credit deadline, the National Association of Realtors reported Wednesday. Economists polled by MarketWatch had expected a July sales rate of 5.21 million, compared with an originally estimated rate of 5.08 million in June. On Wednesday, NAR revised June's rate to 5.06 million. NAR said July's spike is due to buyers looking to purchase a home before mortgage rates rise further. Mortgage rates have increased more than one percentage point since early May, though they remain relatively low. Also Wednesday, NAR said the median price of a home was $213,500 in July, up 13.7% from the year-earlier level. Inventories rose 5.6% to 2.28 million homes available for sale, representing a 5.1-month supply at current sales rates. NAR added that all-cash deals remained high in July, while there were relatively few first-time buyers and distressed sales.

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