Sales of existing homes probably climbed in July from an eight-month low, adding to signs U.S. housing may pick up in the second half, economists said before a report today.
Purchases rose 3.2 percent to a 4.51 million annual rate, following a decline in the prior month, according to the median forecast of 73 economists surveyed by Bloomberg.
Buoyed by cheaper properties and record-low mortgage costs, demand for real estate is bolstering the industry that helped trigger the recession. Minutes of the Federal Reserve’s latest meeting, also due today, will be a reminder that policy makers are monitoring data such as housing to determine whether the world’s largest economy needs more stimulus.
“The healing in housing continues,” said Brian Jones, a senior U.S. economist at Societe Generale in New York. “We’re clearly in an upturn for the sector.”
The National Association of Realtors’ report is due at 10 a.m. in Washington. Bloomberg survey estimates ranged from 4.3 million to 4.8 million, following 4.37 million June.