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Update Economic USA Housing
Existing home sales moved up this month by 1.1% reaching an annualized rate of 5.6% over the previous 12 months. This activity is important because existing housing represents over 90% of all housing related activity. The median sales price increased as well by 5.8% to $252,800. When I see this number, I am constantly reminded of how much housing has increased over the years. It was not too long ago the median price had just moved beyond $100,000 and at the time it was considered an outlandish price to pay for a home.