Existing-home sales fell 4.1% in July. That’s a hefty drop, although the annual pace of sales is still a relatively healthy 6.33 million units annualized pace. Yes, its the the lowest since January 2004, but do remember that 2004 was a record year, as was 2005.
Inventories continuing to rise sharply, while prices are softening, and the gains were the sharpest on record.
Overall existing Sales are down 11.2% over the past year.
Today’s housing report was a market downer: The Dow went from plus 20 to down 25 in a short time.
Existing-home sales plunge to a two-year low
Inventories of unsold homes rise to 13-year high
By Rex Nutting, MarketWatch
Last Update: 10:19 AM ET Aug 23, 2006
Existing-Home Sales Dropped 4.1% In July to Lowest Level Since 2004
WALL STREET JOURNAL ONLINE NEWS ROUNDUP
August 23, 2006 11:00 a.m.