Sales of U.S. Existing Homes Climb to a Nine-Year High

First-time buyers have returned, helping boost sales of previously owned homes in June to the highest level in more than nine years. Economists attribute the surprise increase to more affordable home financing and a stable job market. Tight supply may impact future sales as inventories dropped 5.8 percent from a year earlier to 2.12 million units, the lowest for a June since 2001.

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