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Existing Home Sales are Booming
Friday, August 21, 2020
Existing-home sales posted a second
month of significant sales gains in July, building on a record 20.7 percent
increase in June. The National Association of Realtors® (NAR)
said sales were at a seasonally adjusted 5.86 million units, a 24.7 percent
month-over-month increase from 4.72 million and overturning the June record for
monthly gains. Sales are now higher than the previous year by 8.7 percent. Each
of the four major regions attained double-digit, month-over-month increases,
while the Northeast was the only region to show a year-over-year decline. The record-setting pace was greater
than what were some outsized predictions. Analysts polled by Econoday had
projected sales to fall in a range of 4.60 to 5.75 million. The consensus was
5.4 million.
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