Pursuits
Sales of Existing U.S. Homes Rise to Highest Level in Nine Years
- Demand driven by higher end of the market as stocks rise
- First-time buyers return, making up highest share since 2012
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Sales of previously owned homes unexpectedly climbed in June to the highest level in more than nine years, giving a boost to residential real estate as it approached the end of its busy selling season.
Americans buoyed by stable job growth, the promise of higher wages and rebounding stock prices are in good position to take advantage of historically low borrowing costs, keeping the housing recovery on course in the eighth year of the expansion. At the same time, builders are running up against a limited supply of available lots for construction, signaling a limit for real-estate growth.