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The pace of existing home sales in America fell by 4.1% in July, to its lowest level since January 2004.
The sales pace of existing homes dropped slightly last month while the median price of a single-family home declined $900, the National Association of Realtors said today.
(Source: Bloomberg), Existing-Home Sales: Annual pace of existing single family homes sold during the month, seasonally adjusted.; Jobless Claims: Weekly number of people who have filed for unemployment benefits for the first time.
"The pace of existing home sales is still above historical norms, attributed to the tax credit and a lot of foreclosure sales," Widner told Forbes.
In August the pace of existing home sales hit a six-and-a-half year high, according to the National Association of Realtors.
The National Association of Realtors reported Monday that the pace of existing home sales in the United States rose 6.3% in December, or 4.7 million, from November's annual rate of 4.5 million.
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So the price of existing homes that sold during the month of September rose – but at the weakest pace in five months.
At February's sales pace, the supply of existing homes on the market rose to 8.6 months' worth from 7.5 in January.
At March's sales pace, the supply of existing homes on the market slipped to 8.4 months' worth, from 8.5 months in February.
The pace of existing-home sales in September slowed 14percentt from a year earlier to a seasonally adjusted annual rate of 6.2 million.
The pace of U.S. existing home sales fell in January to a 4.5 million-unit annual rate, while home prices and inventories dropped, the NAR said.
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