Existing Home Sales Rise But Miss Expectations

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Existing home sales rose at a slower-than-expected rate in July, new data from the National Association of Realtors shows.Click here for updates >

The annualized sales pace improved 2.3 per cent to 4.47 million units, slightly below the 3.2 per cent gain economists polled by Bloomberg were looking for.

Gennadiy Goldberg of TD Securities noted that the July print continued to remain below the six-month moving average.

“The rebound comes after a weak June print, even as the below-consensus uptick suggests that the ongoing housing recovery continues to run at a gradual pace,” Goldberg said. 

The data, expected out at 10:00 a.m., was leaked half an hour early.

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