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Green Shoots Ahead?

Sales of existing home in June fell by 1.2% to an annual rate of 5.08 million units. But within the report, there was a rise in home prices and a surge in demand, which indicates a recovery in the housing market is still on track. For example, demand was the highest since November 2009 and the median price of an existing home is up 13.5%.

Many analysts believe the combination of increasing mortgage rates and lack of supply is at the hurt of the drop. Does the drop in existing home sales negate the green shoots within the report?