Existing Home Sales Jump, Helped by Lower Mortgage Rates
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Sales of existing U.S. homes rose to their second-highest rate on record in March, spurred by lower mortgage rates, a realtors group said on Wednesday.
The National Association of Realtors said U.S. March sales of existing homes rose 4.8 percent to a seasonally adjusted annual rate of 5.44 million units, the second highest rate on record.
The record is 5.45 million units seen in June 1999, according to the NAR.
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The rate for February was revised up slightly to 5.19 million units from a previously reported 5.18 million. The March reading was well above Wall Street expectations of 5.13 million units.