WASHINGTON (AP) - Sales of existing homes rose 2.1 percent to a new record in June as rising mortgage rates prompted a rush by Americans to close deals before rates went even higher.
The National Association of Realtors reported Monday that the increase in sales pushed the annual rate of existing home sales to an all-time high of 6.95 million units, beating the old record set in May of 6.81 million units.
The pace of home sales this year has surprised analysts, who had been predicting that sales would begin to slow, reflecting the fact that interest rates have started to increase.
"Although we've been expecting sales to ease, it's clear that the market has tremendous momentum," said David Lereah, chief economist for the Realtors. "The improving job market and higher consumer confidence are feeding into a large demographic demand for housing."
http://ap.tbo.com/ap/breaking/MGBYF2FP4XD.htmlcomment : is this a shift from new construction to existing homes to snap up bargains and hunker down?
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