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Friday, September 20, 2013

Existing Home Sales Unexpectedly Climb in August

The threat of higher mortgage rates encouraged would-be homebuyers to go ahead and close the deal last month. Looking ahead, sales activity is likely to be uneven but should continue to trend higher.

Buyers Close Deals on Rate Scare Following a 6.5 percent gain in July,
total existing home sales unexpectedly increased 1.7 percent in August to an annualized
pace of 5.48 million units, a six-and-a-half year high. Similar
sized monthly gains were seen in single family and condos.

By region, higher sales activity was seen in the South and
Midwest. Sales in the Northeast were flat while sales in the
West declined 2.3 percent following a strong July gain.
In the Face of Rising Rates, Sales Outlook Still Solid

Home price appreciation remained solid last month, as single family
home prices are up 14.4 percent year-over-year. Fewer
distressed properties and lean inventories continue to support
home price appreciation.

We remain positive on the outlook as the U.S. economy
continues to advance with moderate job growth

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