A measure of the number and price of sales of single-family homes other than new constructions. It is considered an economicindicator of the availability and affordability of mortgages and real estate in the United States. It is also considered a lagging indicator as it tends to react after changes in mortgage interest rates. Existing home sales tend to rise after a decline in mortgage rates and fall when the opposite happens. The U.S. National Association of Realtors publishes existing home sales monthly.
In April 2010 existing home sales soared as home buyers scrambled to claim the tax credit that expired April 30, according to a report by the National Association of REALTORS[R] (NAR).
More generally, August reports show that the recent trends of strong increases in new and existing home sales and durable goods orders were interrupted in August.
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