US Home Sales Rise More Than Expected
Existing home sales in the United States surged 3.2% last month, reaching an annual rate of 4.17 million units, extending the recovery from a seven-month low in March.
This increase exceeded market expectations of 4.07 million units, despite persistently high mortgage rates and rising energy prices. Solid labor market performance also pushed long-term Treasury yields higher, supporting property market activity.
Sales rose most significantly in the South (3.2% to 1.96 million) and the Midwest (6.4% to 1.0 million), while increases were more moderate in the Northeast (2.2% to 0.46 million) and held steady in the West (0.75 million). Home inventories rose 3.3% from the previous month, reaching a 10-month high, equivalent to 4.5 months of supply based on the latest sales figures.
Source: Newsmaker.id