By Dees Stribling |MHN Online
Existing home sales in June rose to their highest pace in more than eight years, according to the National Association of Realtors on Wednesday. Total existing-home sales increased 3.2 percent to an annualized rate of 5.49 million units in June, compared with 5.32 million in May. Sales are now at their highest pace since February 2007, have increased year-over-year for nine months without pause; and they’re 9.6 percent above a year ago (5.01 million). All well and good, since housing sales reflects the health of the economy (though doesn’t contribute as much to GDP as new home sales), and CRE will ultimately benefit from a healthier economy.
