U.S. home sales rose more than expected in July, boosted by lower mortgage rates...
Last month’s increase left existing home sales, which make up about 90 percent of U.S. home sales, higher than they were a year earlier for the first time in 17 months. The U.S. home market slipped into a rut last year as the U.S. central bank continued a rate-hiking campaign.
The rate cut came despite the U.S. unemployment rate being at its lowest level in nearly 50 years. The Labor Department reported on Wednesday that the overall level of employment was 0.3% lower in March, or 501,000 fewer jobs, than previously estimated. There were 1.89 million previously owned homes on the market in July, down from 1.92 million in June and a 1.6% decrease from July 2018. The median existing house price increased 4.3% from a year ago to $280,800 in July.
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