Home sales probably increased in July to the highest level in more than three years as growing demand for residential real estate bolsters the expansion, economists said before reports this week.
Combined purchases of existing and new homes climbed to a 5.64 million annualized pace last month, the fastest clip since November 2009, according to the median forecasts of economists in a Bloomberg survey. Another report may show the world’s largest economy is poised to strengthen.
Improving sales, even as borrowing costs rise, and a limited supply of homes, lots and materials are helping boost home values and builder confidence. The waning effects of across-the-board federal spending cuts, combined with gains in the housing and auto markets, will probably help lift economic growth in the second half of the year.
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