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June Existing Home Sales +20.7% to 4.72m....>

US DATA: June Existing Home Sales +20.7% to 4.72m SAAR (-11.3% y/y)
- Sales just tad below market expectations for 4.75m. May sales unrevised at
- Supply shrinking on yoy basis for 13th straight month; 4.0 mos supply
- Median sales price rose to record $295,300, +3.5% yoy
- Yun: housing market is "red hot" on buyer backlog. Sellers finding eager
buyers, multiple offers; 24 days on market in Jun vs 27 a year ago
- Yun: surprised home prices weren't stronger, may reflect higher volume of
affordable homes purchased
- Single-family homes continuing to outperform condos with condo sales
comprising only 9% of total sales compared to 12% normally  
- Yun: a second lockdown would be detrimental to sales activity but may not hurt
prices; virtual transactions under 10% of sales
- Yun: investors "stepped away" in June, could be beginning of trend
MNI Washington Bureau | +1 202-371-2121 |
MNI Washington Bureau | +1 202-371-2121 |

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