Existing Home Sales Fail to Build on May Gains

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Posted To: MND NewsWire

Existing home sales are persistent in their inability to maintain a steady course from month to month. Despite low interest rates and hopes for a strong spring market, those sales were down 1.7 percent in June. Sales the prior month had posted a 2.5 percent increase, breaking out of a two-month slump. The National Association of Realtors® (NAR) said sales of previously owned single-family homes, townhomes, condominiums and cooperative apartments were at a seasonally adjusted annual rate of 5.27 million during the month compared to 5.34 million in May. This is also fewer sales than the 5.39 million posted in June 2018, a loss of 2.2 percent. Sales in May did fall within the range of estimates from analysts polled by Econoday of 5.15 to 5.45 million but failed to meet the consensus forecast…(read more)

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