Existing-home sales in June were at their highest annual pace since February 2007, according to the National Association of Realtors.
Existing-home sales went up 1.1 percent in June to a seasonally adjusted annual rate of 5.57 million from 5.51 million in May, and an increase of 3.0 percent year-over-year.
This is the fourth straight month of increases, Lawrence Yun, NAR chief economist, said in a statement.
“Existing sales rose again last month as more traditional buyers and fewer investors were able to close on a home despite many competitive areas with unrelenting supply and demand imbalances,” he said. “Sustained job growth as well as this year’s descent in mortgage rates is undoubtedly driving the appetite for home purchases.”
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