WASHINGTON — U.S. home resales hit a 6½ year high in August, signaling continued strength in the housing market recovery, which has helped shore up the economy by bolstering household finances and supporting consumer spending.
The National Association of Realtors said Thursday existing home sales increased 1.7 percent to an annual rate of 5.48 million units last month, the highest level since February 2007 when property values began to decline after the sector’s boom and bust.
Economists polled by Reuters had expected home resales to rise to a 5.25 million-unit rate.
Lawrence Yun, NAR chief economist, said the housing market may be experiencing a temporary peak as would-be buyers sitting on the fence are pushed to close deals ahead of likely price and borrowing cost increases (267)
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