US Existing Home Sales: Low mortgage rates provide a lift - Wells Fargo
|Data released today in the US showed that Existing Home sales rose 2.5% in May. According to analysts at Wells Fargo, Home sales continue to gradually improve as mortgage rates trend lower.
Key Quotes:
“Existing home sales increased 2.5% during May. Resales continue to gradually improve alongside sliding mortgage rates and an upturn in mortgage applications. Overall sales are still down 1.1% over the year, but are trending in the right direction.”
“The recent rise in inventories should support sales in coming months. Inventories are still low relative to prior norms, but grew to 1.92 million in May and are up 2.7% year-over-year.”
“Sales improved in every region during May, led by a 4.7% rise in the Northeast. The Midwest also saw a solid 3.4% gain. The South and West each registered a 1.8% improvement in sales.”
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