July marks a 3.6 percent increase in new home sales to match a two-year high reached in May. At a seasonally adjusted annual rate of 372,000, that is the highest since April 2010. This report is “the latest in a series of data points suggesting a durable housing recovery is underway,” chief economic strategist at BTIG LLC, Dan Greenhaus, states.
In the last year, home sales have jumped 25 percent, making a modest but steady recovery. Trends such as near-record low mortgage rates are making buying a new, or previous owned home more affordable, allowing for the increase in sales. According to the National Association of Realtors, the sale of previously owned homes has increased 10 percent in the past 12 months.
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