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Existing home sales dip to 7.16 million

By Rex Nutting, MarketWatch

Last Update: 10:00 AM ET Aug. 23, 2005

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WASHINGTON (MarketWatch) - Sales of previously owned U.S. homes fell 2.6% in July to a seasonally adjusted annual rate of 7.16 million, the third highest level ever, the National Association of Realtors said Tuesday.

Sales in June were revised up to a record 7.35 million from 7.33 million reported earlier.

July sales were up 4.7% from July 2004. "This is a big number any way you slice it," said David Lereah, chief economist for the real estate group.

Median sales prices rose 14.1% year-over-year to $218,000, the industry group said. A 14% price appreciation in a year "is not sustainable," Lereah said.

Inventories of homes for sale rose 2.6% in July to 2.751 million, a 4.6-month supply at the current sales pace. It's the largest inventory since May 1988, while the months' supply is the largest since November 2003.

"We are starting to see some air coming out of these balloons," Lereah said. "Inventories are starting to build," he said, which could put supply in better balance with demand, thus reducing pressure on prices.

Economic fundamentals, including interest rates and job growth, continue to support the housing market, Lereah said.

Sales were flat in the South, and fell 7.5% in the West, fell 3.3% in the Northeast and fell 1.8% in the Midwest.

Sales of single-family homes fell 2.3% in July to a seasonally adjusted annual rate of 6.24 million. Sales of condos dropped 5% to a seasonal rate of 915,000.

Edited by Catch22

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Eye of the storm stuff, Greenspan's drip drip of rate rises is as foolhardy as the BOE's was.

They all say it isn't a bubble and all know it is and still do absolutely the wrong thing by trickling rates to try and quell it.

Now have the double problem of oil blowing up in their face too.

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  • 302 Brexit, House prices and Summer 2020

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