Existing home sales had another strong month in July, surging to a 13½-year high. Pent-up demand from the spring, record low mortgage rates and some impact from households moving to the suburbs has helped drive the sales recovery. But that surge in demand has put further strain on an already tight inventory. The months’ supply of existing homes dropped below three for the first time since records began in 1982, and that implies sales will ease back over the remainder of the year toward 5.4m annualised.
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