Existing home sales rose again in August, although at a more modest pace compared to June and July. With pent-up demand from the spring having now worked itself through, unemployment elevated and inventory at record lows, sales are unlikely to see further gains this year. Indeed, we expect a small contraction over the next few months. That said, at around 5.8m annualised by the end of the year, sales will have risen by 7% over the year.
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