U.S. sales of previously owned homes probably rose in August and are on pace to set a
record for the year, economists said ahead of an industry report
set for release today.
Sales probably rose 1.3 percent last month to an annual rate
of 5.4 million houses from July’s 5.33 million, based on the
median of 53 forecasts in a Bloomberg News survey.
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The lowest mortgage rates in at least 30 years are helping to
keep housing affordable while rising home prices are making real
estate an attractive investment. Profits at Pier 1 Imports, the
largest U.S. retailer of imported home furnishing, are soaring as
owners decorate their homes. Such spending may help prevent the
economy from tipping back into recession.
“Low mortgage interest rates are by far and away driving
this market,” said Richard DeKaser, chief economist at National
City Corp. in Cleveland. “A stable housing market at high levels
will continue to have positive spinoff effects.”
Bloomberg News
