Instant View: Existing home sales rise in July

NEW YORK (Reuters) - Home resales rose in July and the median sales price was higher than a year earlier, the National Association of Realtors said on Wednesday.

COMMENTS:

MICHELLE GIRARD SENIOR ECONOMIST, RBS, STAMFORD, CONNECTICUT

"We think the housing sector has turned a corner and demand will continue to improve. The data also underscores the fact that improvement will be gradual. What would help the housing sector would be a stronger economy, better job growth, and easier financing conditions. I still think it's difficult to get a mortgage loan, that's hindering activity."

JOHN BRADY, SENIOR VICE PRESIDENT, R.J. O'BRIEN & ASSOCIATES, CHICAGO

"Sales were up on the month but it was nothing special. Markets aren't reacting because believe it or not, Greece needs more money. Stocks are reacting from the news out of there."

SEAN INCREMONA, ECONOMIST, 4CAST LTD, NEW YORK

"It does look like this is a pretty meager correction from the steep fall in June. We continue to see no momentum in homes demand. We could probably linger at these levels for a while. Things are not getting a lot worse, but they are not getting much better either."

OMER ESINER, CHIEF ANALYST, COMMONWEALTH FOREIGN EXCHANGE, WASHINGTON

"It's pretty much in line with market forecasts. It's encouraging to see the inventory of unsold homes come down and median price continue to rise, though I think there are technical issues involved in that. The homes that are selling tend to be higher in price, which is skewing that a bit."

(Americas Economics and Markets Desk; +1-646 223-6300)