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Existing Home Sales Roared Back in June; Prices Ebb; Mortgage Apps Bounce Back

Existing Home Sales Roared Back in June; Prices Ebb; Mortgage Apps Bounce Back

Existing home sales ended a three-month string of losses arising out of the COVID-19 pandemic with a flourish, soaring by 20.7 percent from May to June. Sales rose from a seasonally adjusted annual rate of 3.91 million units in May to 4.72 million units . The National Association of Realtors® (NAR) said sales of single-family homes, townhomes, condominiums and co-ops were still down year-over-year by 11.3 percent. Even though NAR said the increase was at a record pace, it fell short of projections. Analysts polled by Econoday had expected sales to rise to an annual number ranging from 4.35 to 5.10 million with a consensus of 4.8 million. Single-family home sales were up 19.9 percent from 3.57 million in May to 4.28 million but remain down 9.9 percent from one year ago. Existing condominium
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