WASHINGTON, July 22 — Sales of existing homes rose higher in the United States last month, snapping a four-month streak of declines as prices rose to a new record high, industry data released today said.
Rock-bottom borrowing rates have added fuel to the already-strong housing market, but tight supplies caused by a shortage of workers and rising materials costs have driven prices up and dampened sales in recent months. While “home prices are in no danger of a decline due to tight inventory conditions,” the pace should slow by the end of the year, NAR chief economist Lawrence Yun said in a statement.
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