US new home sales post strong increase in first six months of 2016
Wall Street Journal economists’ initial estimates had called for an increase to 559,000 units. Meanwhile, sales in May were revised up to an annualized pace of 572,000 units compared to the previous forecast of 551,000 while June sales increased 25.4% from last year’s data.
The increase in U.S. home sales was attributed to low interest rates. Freddie Mac stated that the June average rate for 30-year fixed-rate mortgages was 3.57%, falling from 3.98% in the same month of the last year.
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