Housing sales bounce back in July

New York — Spurred on by alluringly low interest rates, the broad American housing market remained unexpectedly resilient during July, with sales of both new and existing homes climbing substantially higher despite persistent weakness in the U.S. economy and consumer sentiment and spending.

Staging a strong recovery from a big dip in June, sales of existing homes, by far the largest segment of the housing market, increased by 4.5 percent, to a seasonally adjusted level of 5.33 million units, the National Association of Realtors reported.

The smaller market for generally pricier new homes new homes shot up as well, surging by 6.7 percent, the National Association of Home Builders reported, to a seasonally adjusted level of 1.02 million from the June rate, which was revised downward to 953,000.

The only segment to record a decline was the forward-looking segment, housing starts, which slipped by 2.7 percent, the Commerce Department said, to a seasonally adjusted 1.65 million units from the 1.70 million level reached in June units.

Home & Textiles Today Staff | News & Commentary

 Home Textiles Today is the market-leading brand covering the home and textiles markets, offering a comprehensive package of print and online products. Home & Textiles Today provides industry news, product trends and introductions, exclusive industry research, consumer data, store operations solutions, trade show news and much more.

Featured Video

  • The Countdown to the ICON Honors Continues featuring Christophe Pourny

    Camera Icon More Videos

CURRENT ISSUE

HTT digital edition

See the May 2017 issue of Home & Textiles Today. In this issue, we discuss our annual Market Basket survey, which finds higher prices and more polyester at leading retailers. See details!