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.