Low rates and heavy buyer demand send US home sales surging

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SILVER SPRING, Md. (AP) – Spurred by ultra-low mortgage rates, home buyers rushed last month to snap up a limited supply of existing houses, causing the pace of purchases to jump by a record-high 24.7%. The July surge in purchases reported Friday by the National Association of Realtors marked the second straight month of accelerating sales.

The back-to-back increases have helped stabilize the home buying market, which all but froze early this spring when the viral pandemic erupted across the United States. With July’s increase, to a seasonally adjusted annual rate of 5.86 million, purchases are now up 8.7% from a year ago.

This is a developing story. Stay with News 2 and WKRN.com for updates.

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