Home sales show third month of gains

Appraisal issues still rankle NAR

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Existing-home sales rose for a third month in a row in June, and prices may stabilize in many areas by the end of the year if inventories continue to decline, the National Association of Realtors said today.

Sales of existing homes, including single-family, townhomes, condominiums and co-ops, rose 3.6 percent from May to June, to a seasonally adjusted annual rate of 4.89 million units — virtually the same as a year ago, NAR said.