Existing home sales are up more than 10 percent since last year, while the price of those homes has risen 9.4% over the same span, according to the National Association of Realtors.
Meanwhile, the backlog of homes on the market has dwindled 31 percent from a more than nine-month supply of 3.15 million last July to a 6.4-month supply of 2.4 million this summer.
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