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Heavy buyer demand and low rates send US home sales surging amid COVID-19 pandemic

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SILVER SPRING, Md. (AP) - Spurred by ultra-low mortgage rates, home buyers rushed last month to snap up a limited supply of existing houses, causing the pace of purchases to jump by a record-high 24.7%.The July surge in sales reported Friday by the National Association of Realtors marked the second straight month of accelerating home purchases.

The back-to-back increases have helped stabilize the home buying market, which all but froze early this spring when the viral pandemic erupted across the United States.With July's increase, to a seasonally adjusted annual rate of 5.86 million, purchases of existing homes are up 8.7% from a year ago.

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