Industry News

Existing single-family home sales down 11%

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The rate of existing single-family home sales dropped 11.2 percent and home prices fell in the Northeast, Midwest and West in July compared to July 2005, the National Association Realtors reported today. The rate of existing-home sales has slid for four straight months. Existing-home sales -- including single-family, townhomes, condominiums and co-ops -- dropped 4.1 percent to a seasonally adjusted annual rate of about 6.33 million units in July from a downwardly revised pace of 6.6 million June. This rate is a projection of a monthly sales total over a 12-month period, adjusted for seasonal fluctuations in sales activity. The national median existing-home price for all housing types was $230,000 in July, up 0.9 percent from July 2005 when the median was $228,000. The median is a typical market price where half of the homes sold for more and half sold for less. Total housing inventory levels rose 3.2 percent at the end of July to 3.86 million existing homes available for sale, which ...