U.S. home sales increased 2.5% in July, a sign that lower mortgage rates have produced a spurt of home-buying.
The National Association of Realtors said Wednesday homes sold last month at a seasonally adjusted annualized rate of 5.42 million units, up from 5.29 million in June.
Jennifer Lee, a senior economist at BMO Capital Markets, said the sales growth should ease concerns about a weakening economy. The low rates are providing a boost to a housing sector where affordability remains an obstacle for many would-be buyers. Home prices have risen fastest for the bottom half of the market since 2012, making it harder to save for a down payment or manage monthly payments at a higher mortgage rate.
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