US home sales climb in August

Housing Wed, Mar 23, 2016 10:24 AM

US home sales climb in August

US homes sales reached their highest level for more than two years in August, figures show.

Sales rose 7.8 % to a seasonally adjusted annual rate of 4.82 million, this is the biggest increase since May 2010.

The figures support the picture of an improving US housing market, although the number of first-time buyers fell back from 34% to 31%.

Improvement in the housing market overseas should have a beneficial impact back home in Britain.

National Association of Realtors' chief economist, Lawrence Yun, said market conditions were looking up.

"The housing market is steadily recovering with consistent increases in both home sales and median prices," he said.

"Inventories in many parts of the country are broadly balanced, favouring neither sellers nor buyers."

 

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