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'Drastic Imbalances' Push Existing Home Prices to Record High
Wednesday, July 22, 2015
There was unabashedly good news from the National
Association of Realtors®
(NAR) this morning. Not only were
existing home sales in June at the fastest pace in over eight years but the
median price of an existing home exceeded the price peak established before the
housing crisis. Sales gains as well as
price increases were broad based, affecting all four regions of the country.
Total existing homes sales, including those of single-family
residences, condos, townhomes, and cooperative apartments, were at a seasonally
adjusted annual rate of 5.49 million units in June, a 3.2 percent increase from
May and 9.6 percent higher than in June 2014.
Sales in May, originally estimated at a rate of 5.35
million units did suffer a slight downward revision to 5.32 million.
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