Existing home sales surged to their highest level in 18 months last month, Reuters reports. NAR data showed that the sales increase went hand-in-hand with more homes coming into the market.
But according to Reuters, “tepid retail sales and weak factory data suggests the growth rebound will probably be insufficient to convince the Federal Reserve to raise interest rates in June.”
In total, existing home sales increased 6.1 percent to an annual rate of 5.19 million units in March, the highest level since September 2013.
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