SILVER SPRING, Md. (AP) - U.S. home sales rose a record-breaking 24.7% in July, extending last month’s rebound after the coronavirus pandemic all but froze the housing market this spring.
The National Association of Realtors said Friday that sales of existing homes jumped last month to a seasonally adjusted annual rate of 5.86 million. With two straight months of record-breaking gains, purchases are now up 8.7% from a year ago. Home sales rose 20.7% in June, a record that lasted only a month.
The housing market has been one of the more resilient sectors of the economy during the pandemic, but market activity continues to hinge on supply, which remains low.
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