US Home Sales Post New Record Increase

Home sales in the United States registered its highest rise on record last month, due to historically low mortgage rates, according to data by the National Association of Realtors, Reuters reported.

Existing home sales in the US increased by 20.7% on a monthly basis to a seasonally adjusted annual rate of 4.72 million units in June.

The May reading remained unrevised at 3.91 million units, which was the lowest level since October 2010.

However, June’s existing home sales declined by 11.3% on an annual basis.

It is worth mentioning that existing home sales account for about 85% of home sales in the US.

However, the outlook for the housing market remains clouded by low inventory and high unemployment and uncertainty regarding the COVID-19 pandemic.