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Housing Slump Over? Sales of Existing Homes Surged Last Month

Sales of existing homes rose in June to their fastest pace in eight months, a signal that the housing market could be pulling out of a slump. The National Association of Realtors said on Tuesday that sales increased 2.6 percent to an annual rate of 5.04 million units. That was above analysts' expectations and marked the third straight month the pace of home resales accelerated. The housing recovery stalled in the second half of 2013 as interest rates increased and a dwindling supply of properties available for sale pushed prices sharply higher. But mortgage rates have eased a bit in recent months and the nation's job market has improved, helping the market for homes. Also supporting home sales, more homes are being put on the market, keeping prices from rising as quickly. The number of homes on the market for resale rose to 2.3 million in June, the highest level since August 2012 and 6.5 percent more than in June of last year.

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- Reuters