Tuesday, August 24, 2004

Slight Breather In July Home Sales

WASHINGTON (August 24, 2004) – Existing single-family home sales slipped in July but still managed the third-best pace on record, according to the National Association of Realtors® (NAR).

In July, the inventory of existing homes on the market remained stable at 4.3 months, slightly up from a revised 4.2 months in June according to NAR. Sales of existing homes were down in all regions except the South. Home resales fell 4.8% in the Midwest. However with interest rates still below 6% housing experts expect the market to stay strong.

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