Existing Home Sales Rise in Second Quarter

In the second quarter of the year, sales of existing homes rose 3.8 percent compared to the first quarter, according to the latest survey by the National Association of Realtors. Thirty-nine states experienced sales increases from the first quarter, and nine states were higher than a year ago; the District of Columbia showed both quarterly and annual rises.

Lawrence Yun, NAR chief economist, said the sales gain appears to be sustainable. “With low interest rates, lower home prices and a first-time buyer tax credit, we’ve been seeing healthy increases in home sales, which are a hopeful sign for the economy,” he said.

Yun cited “sustained sales gains” in Maryland and the District of Columbia, as well as “strong double-digit gains” in New York and New Jersey, among other states, as examples of areas that are showing improvements.

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