Posted To: MND NewsWire

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…(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

Source: Mortgage News Daily