Existing Home Sales Snap 16 Month Losing Streak, Rise 0.6%

The National Association of Realtors reported existing home sales for July at a seasonally adjusted annual rate of 5.42 million. That's 2.5 percent better than last month according to NAR's revised figures, and up 0.6 percent from July of last year. All it took was a complete capitulation by the Federal Reserve on policy normalization and a dramatic 75 basis point drop in mortgage rates. The median price of a home in July was $280,800, up 4.3% from last year. The average price of an existing home sold in July was $317,100, a rise of [...]