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Record Home Sales in May

Published Tuesday, July 01, 2003

In the midst of the lowest long-term mortgage rates in almost half a century, the Commerce Department reported that sales of new single-family homes rose for the third consecutive month in May to a record-high seasonally adjusted annual rate of 1.16 million units. This was 12.5% ahead of April's seasonally adjusted sales pace, and the fourth time this year that sales have eclipsed the million-unit mark. “This is one more report that confirms what builders in the field have been saying for the last several months: buyer demand is really being fueled by the outstanding financing climate and ...

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