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Loading ...U.S. sales of previously owned homes rose a healthy 3.1% in July from the previous month. Existing-home sales increased to a seasonally adjusted annual rate of five million units, the highest since February, the National Association of Realtors said Monday. The increase was foreshadowed by a rise in the number of signed contracts in the past few months but nevertheless was stronger than expected.
“We are not yet ready to call the current levels a bottom but clearly most of the declines are behind us,” said Adam York, a Wachovia Corp. economist.
Consumer confidence for August was above Wall Street expectations and the highest since May. The Conference Board, a private research group, said its index of consumer confidence for August rose to 56.9, compared with 51.9 in July. The current month’s reading was above economists’ expectations for 53.5, according to a survey conducted by Dow Jones Newswires.
“Consumer confidence readings suggest that the economy remains stuck in neutral, but may be showing signs of improvement,” said Lynn Franco, director of the Conference Board Consumer Research Center.
Figure the doom-and-gloom sayers will find things to continue to scare us but this is indeed good news to retailers.
