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Surge in sales leads to tighter market conditions

Housing market activity on most measures has seen further gains. Existing home sales rose unexpectedly in July, and are now up 16% since the start of the year. And while starts were essentially flat in July, they are up 10% over the same period, and homebuilder confidence is elevated. With limited numbers of existing homes coming onto the market, rising sales have led to very tight market conditions.

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