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Tuesday, June 23rd, 2020

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Posted by: | Posted on: June 23, 2020

New Home Sales Surged in May as Buyers Scrambled to Find Properties for Purchase

The numbers: Sales of newly-built single-family houses occurred at a seasonally-adjusted annual rate of 676,000 in May, the government reported Tuesday.

That represented a 16.6% increase from the downwardly-revised pace of 580,000 in April. Compared with the previous year, new home sales were up 12.7% in May.

Analysts polled by MarketWatch had forecast new-home sales to occur at a seasonally-adjusted annual rate of 650,000 in May.

The government uses a small sample size to produce the new-home sales report, which makes it prone to significant revisions, as in the case of April’s figure, which was readjusted to a pace of 580,000 from the originally reported 623,000.

What happened: The Northeast experienced the most pronounced increase in sales, with a 45.5% jump, followed by the West (up 29%) and the South (up 15.2%). Sales fell by 6.4% in the Midwest.

The median sales price for new homes sold in May was

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Posted by: | Posted on: June 23, 2020

Extreme Opulence or Terribly Tacky? Must-See Photos of a Beverly Hills Condo

This Beverly Hills, CA, condo was transformed from a cookie cutter space into an opulent retreat like no other. The place is now for sale, decor negotiable.

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When the tenant of this $1.6 million condo in Beverly Hills, CA, moved in about six years ago, the residence was stark, punctuated by dark hardwood floors and white walls. But those dull days are long gone.

Over the years, she fastidiously transformed the cookie-cutter space into an old Hollywood sexy, glam retreat like no other.

It’s a condo now awash in blush pink and crammed with Chanel-emblazoned decor, from the custom carpets to the jeweled lamps. The condo has been transformed into the kind of place Barbie would live in if she ever decided to ditch the Malibu

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Posted by: | Posted on: June 23, 2020

May U.S. Home Sales Dropped 9.7% as Pandemic Kept Shoppers Indoors

Sales of previously owned homes dropped 9.7% in May from the prior month, as the coronavirus pandemic kept shoppers indoors during the typically busy spring homebuying season.

But record-low interest rates have lured buyers off the sidelines in recent weeks, economists and brokerages say, and they expect sales to pick up starting in June.

Existing-home sales fell in May to a seasonally adjusted annual rate of 3.91 million, the National Association of Realtors said Monday. Previously-owned homes make up most of the housing market.

Sales have plunged since hitting a 13-year high in February. The May closings represent the lowest annualized sales activity since October 2010, said Lawrence Yun, NAR’s chief economist.

Economists surveyed by The Wall Street Journal expected an 8.8% monthly decline.

Homes typically go under contract a month or two before the contract closes, so the May data largely reflects purchase decisions made in March

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