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Covid Fallout Fails to Stop March Home Sales, 97 Months of Annual Growth
Tuesday, April 21, 2020
Existing home sales fell back last
month from their unexpectedly good performance in February, but still
maintained their long record of annual increases. The National Association of
Realtors® (NAR) said sales of previously owned single-family houses, townhomes,
condos, and cooperative apartments were at a seasonally adjusted annual rate of
5.27 million units in March compared to 5.77
million units in February. The 8.5 percent decline followed a 6.5 percent
increase in February and despite the decline, overall sales increased
year-over-year for the ninth straight month, rising 0.8 percent from the annual
rate of 5.23 million sales in March 2019. Sales stayed well within the range
of analysts forecasts collected by Econoday. They ranged from 4.50
million to 5.95 million with a consensus of 5.35 million.
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