August 23, 2006
Home Sales Plunge in July
Home Sales Plunge in July
Sales of previously owned homes plunged in July to the lowest level in 2 1/2 years and the inventory of unsold homes climbed to a record high, fresh signs the housing market has lost steam.
The National Association of Realtors reports that sales of existing homes and condominiums dropped by 4.1% in July from June to a seasonally adjusted annual rate of 6.33 million. That was the lowest level since January 2004.
