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New Home Sales Hit 13-Year High in June: 5 Must-Buy Stocks

Sales of new single family homes in the United States hit a 13-year high in June as the housing market outperformed the broader economy amid low mortgage rate and migration from densely populated urban centers to less-populated areas  on fears of coronavirus. This is the second straight jump in newly built homes after two months of sales decline due of the coronavirus.

The new data comes just days after the United States witnessed an uptick in homebuilder sentiment in July. This means that both homebuilders and buyers have started showing confidence in the economy once again, signaling that the worst of the economic downturn is probably over.

New Home Sales Hit Record High

Sales of new homes rose a sharp 13.8% in June to a seasonally adjusted annual rate of 776,000 units, the highest level since July 2007, the Commerce Department reported on Jul 24. The increase follows a 19.4%

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First hit, first opened? Seattle eyes reopening economy

Seattle was the country’s first coronavirus hot spot, and soon it could be one of the first big cities to reopen its economy. When and how that happens will depend largely on the region’s ability to get adequate testing and protect its front-line health care workers, Mayor Jenny Durkan said.

“It’s a marathon, not a sprint,” she said. “We’re not even really halfway through, even though we’ve hit the peak.”

Just five weeks ago, COVID-19, the disease associated with the coronavirus, devastated a nursing home in an idyllic suburb east of Seattle. At least 37 people connected to Life Care Center of Kirkland died from coronavirus-related illness, according to King County public health officials.

It signaled the beginning of a national crisis that has infected more than 600,000 people and claimed over 32,000 lives, according to NBC News counts.

Washington has recorded just a small fraction of those numbers

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