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Existing Home Sales Pop 8% in August
In August, existing home sales rose 8.1% in the U.S., according to data released Wednesday by the National Association of Realtors (NAR). This represents a significant rebound in pending sales, following two months of declines.
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"Rising inventory and moderating price conditions are bringing buyers back to the market," Lawrence Yun, NAR's chief economist, said in a statement. "Affordability, however, remains challenging as home price gains are roughly three times wage growth."
The DC area did not follow suit with the rest of the country last month, however. Pending home sales fell year-over-year in almost every local jurisdiction.
Look for UrbanTurf's article on the current climate of the real estate market on Friday.
This article originally published at https://dc.urbanturf.com/articles/blog/existing-home-sales-pop-8-in-august/18761.
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