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"The national housing recovery is strong and sustainable, but pockets of volatility will emerge," he said. "Buyers expecting home values to continue rising at this pace indefinitely may be in for a shock." The index covers roughly half of U.S. homes. It measures prices compared with those in January 2000 and creates a three-month moving average. The April figures are the latest available. Prices are rising because demand is up and fewer homes are available for sale. That's made builders more optimistic about their prospects, leading to more construction and jobs. A measure of homebuilders' confidence rose sharply in June to its highest level in more than seven years. In May, sales of previously occupied homes jumped 4.2 percent to surpass the 5 million mark, the National Association of Realtors said last week. That's the first time that's happened in 3 1/2 years. Excluding two months in 2009 when a home-buying tax credit spiked sales, home sales hadn't topped 5 million since July 2007.
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