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by CareyBot

Total existing-home sales – including single-family, townhomes, condominiums and co-ops – slipped 2.6 percent in July to a seasonally adjusted annual rate of 7.16 million from a record of 7.35 million in June, the National Association of Realtors reported today. Despite the slight drop, home sales in July were the third highest on record, and were 4.7 percent higher than the 6.84 million-unit pace in July 2004, the trade group also noted. Seasonally adjusted annual rates project a monthly total over a 12-month period, accounting for seasonal fluctuations in resale activity. David Lereah, NAR's chief economist, said, "This is a big number any way you slice it, and housing is continuing to stimulate the overall economy." The second highest level of sales activity ever record...