Existing homes sell at fastest pace in more than eight years…

Existing homes sold in June at the fastest pace in more than eight years, and the median sales price hit a record, according to data released Wednesday. Sales of existing homes rose 3.2% in June to a seasonally adjusted annual rate of 5.49 million, the fastest pace since February 2007, the National Association of Realtors reported. Meanwhile, the median sales price rose 6.5% over the past year to a record of $236,400. Some buyers may be rushing to lock in mortgage rates before they rise further, according to NAR. There’s also a “solid foundation” for more home sales, given healthy jobs growth. We expect this positive momentum is likely to be sustained in the coming months as the steady gains in employment and still favorable buying conditions continue.

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