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US stock market daily report (July 22, 2014, Tuesday)

July 23, 2014, Wednesday, 04:23 GMT | 23:23 EST | 08:53 IST | 11:23 SGT
Contributed by Millennium Traders


Data shows that the U.S. housing market is showing evident signs of an increase for the recovery from the housing market crisis. As reported on Tuesday by the National Association of Realtors, existing home sales during June increased by 2.6% to an annual rate of 5.04 million units. The number of houses for sale during June rose to 2.3 million for the highest level seen since August 2012. The number also represents an increase by 6.5% compared to June 2013. The average existing house sold during June was on on the market for only 44 days, representing the sixth consecutive month of decline, for time on the market prior to a completed sale.

Lawrence Yun, chief economist for NAR said, "Things are flying pretty fast."

During the month, the number of home resales rose by their fastest pace in eight months. The rise in home sales for June marked the third consecutive month of accelerated home resales.

With an increase in the number of houses for sale on the market, potential buyers have more to choose from as prices are kept in line with median house price at $233,300. The median price represents an increase by 4.3% compared to June 2013 as well as the slowest pace of appreciation in house values in over two years.

Existing home sales during May was revised upward to a 4.91 million unit pace from previously reported 4.89 million unit rate.

The U.S. housing market was effected by an increase in interest rates during the second half of 2013, causing a slump in the market. As the number of houses for sale fell, housing prices increased sharply. With interest rates easing again over the past few months and an improvement on the job front, housing sales are steadily rising.

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