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Existing-Home Sales Maintain Solid Growth in July

Single-family and Condo/Co-op Sales

Single-family home sales increased 2.7% to a seasonally adjusted annual rate of 4.96 million in July (highest since February 2007 at 5.08 million) from 4.83 million in June, and are now 11.0% above the 4.47 million pace a year ago. The median existing single-family home price was $235,500 in July, up 5.8% from July 2014.

Existing condominium and co-op sales fell 3.1% to a seasonally adjusted annual rate of 630,000 units in July from 650,000 units in June, but are still up 5.0% from July 2014 (600,000 units). The median existing condo price was $221,800 in July, which is 3.2%t above a year ago.

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Regional Breakdown

July existing-home sales in the Northeast decreased 2.8% to an annual rate of 700,000, but are still 9.4% above a year ago. The median price in the Northeast was $277,200, which is 1.3% higher than July 2014.

In the Midwest, existing-home sales were at an annual rate of 1.32 million in July, unchanged from June and 10.9% above July 2014. The median price in the Midwest was $186,500, up 6.6% from a year ago.

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Existing-home sales in the South increased 4.1% to an annual rate of 2.29 million in July, and are 9.6% above July 2014. The median price in the South was $203,500, up 7.0% from a year ago.

Existing-home sales in the West rose 3.2% to an annual rate of 1.28 million in July, and are 11.3% above a year ago. The median price in the West was $327,400, which is 8.4% above July 2014.

Source: National Association of Realtors

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