Existing US home sales hit 8-year high in June

Washington

SALES of previously owned US homes climbed to an eight-year high in June as momentum in the residential real estate market accelerated.

Closings on existing homes, which usually occur a month or two after a contract is signed, climbed 3.2 per cent to a 5.49 million annualised rate, the most since February 2007, the National Association of Realtors (NAR) said on Wednesday. Prices rose to a record amid tight supply.

The housing market has picked up in recent months as more jobs, historically low mortgage rates and greater household formation boost demand. Faster wage growth will be needed to help housing …