Business | Economy
Home sales in US show signs of recovery
Sales of existing houses in the US probably rose in July from a 10-year low as declining prices helped stabilise demand
- Bloomberg
- Published: 23:12 August 25, 2008
New York: Sales of existing houses in the US probably rose in July from a 10-year low as declining prices helped stabilise demand, econ-omists said before a report on Monday.
Resales gained 0.9 per cent to a 4.91 million annual rate, according to the median forecast of 69 economists surveyed by Bloomberg News.
Record foreclosures have pushed property values down even more, luring some bargain hunters into the market.
Still, tougher lending rules, rising unemployment and a glut of unsold houses signal the outlook for residential real estate remains grim.
"Housing is searching for a bottom, but we are probably not there yet," said Ken Mayland, president of ClearView Economics LLC in Pepper Pike, Ohio. "Buyers are showing some interest because of the price declines."
The report from the National Association of Realtors was due yesterday at 10am in Washington. Bloomberg survey estimates ranged from 4.69 million to 5 million. June's 4.86 million pace was the weakest since 1998.
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