On Tuesday, the National Association of Realtors said that the sales of existing homes increased 3.4 percent to a 4.62 million units last month – 10 percent higher than a year ago.
“We are making incremental progress,” said Millan Mulraine, a senior U.S. strategist at TD Securities Inc. in New York, who correctly forecast the sales pace.
“People are becoming more confident about job prospects and about taking on mortgages. This is all positive for the economy.”
Rates on 30-year and 15-year loan continue declining to record lows for the third straight week in the United States, according to buyer Freddie Mac.
U.S. Housing also rose 2.6 percent to an annual rate of 717,000 in April, compared to a seasonally adjusted annual rate of 699.000 in March. Construction increased for both single-family homes and apartments.
Meanwhile, building permit declined last month from a 3 1/2 year high to a seasonally adjusted annual rate of 715,000, according to sources.No tags for this post.