The NAR also reported sales of existing single-family homes and condos for Q2 were UP 9.1% over Q1, hitting an annual rate of 5.61 million. That number is UP 17.3% from Q2 a year ago. With the tax credit gone, the NAR is forecasting a Q3 sales drop to a 4.55 million annual rate. But they do see sales coming back in the last three months of the year, to a 5.27 million unit annual rate. The NAR’s chief economist added: “Prices in some areas remain below replacement construction costs, so even with an elevated supply of existing homes…we don’t expect any consequential movement in home prices for the foreseeable future.”

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