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U.S. Home Sales Surge in August

The National Association of Realtors has said that U.S. home resales surged in August to a 6-1/2-year high. Last month, sales of existing homes grew 1.7%, that took sales to an annual rate of 5.48m units, the highest level since early 2007 when a housing bubble was deflating and the economy was sliding toward its deepest recession in decades. The report confounded analysts who had expected higher interest rates would lead to a decline in resales. Mortgage rates have risen more than a percentage point since Fed Chairman Ben Bernanke suggested in May that the central bank could begin reducing monthly bond purchases soon. Meanwhile, according to a survey by the Philadelphia Federal Reserve Bank the manufacturing sector is showing signs of brisk growth. The survey found that factory activity in the U.S. mid-Atlantic region increased by the most in more than two years in September and firms’ optimism about the future hit a 10-year high.

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January 8, 2016


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