“July’s surge in existing home sales reflects some catch-up for sales lost during the spring selling season, when the economy was largely shut down, as well as a shift in preferences away from long-term renting toward homeownership. Sales are not likely to rise another 25% next month but will remain strong as long as employment conditions for middle- and upper-income households continue to improve.” --Mark Vitner, Senior Economist with Wells Fargo Securities, Charlotte, N.C.