Existing homes, starts jump in July.(Business Today)(Illustration)
Home Textiles Today, September, 2003
NEW YORK -- Still riding high despite a modest uptick in interest rates, the broad U.S. housing market remained relatively strong during July as sales of existing homes rose to a record high and housing starts climbed to their highest level in 17 years. The only blip in the monthly picture was the highly volatile measure of new home sales--subject to frequent wide swings--which dipped by 2.9 percent during the month, giving up some of June's big 8.3 percent increase.
And rising interest rates, at least during the short term, may even have stimulated home buying during July, driving sales of existing homes, the largest segment of the housing market, up by 5.0 percent to an all-time record rate of 6.12 million units. "When mortgage rates first began to...
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