Archive for Wednesday, August 24, 2005

U.S. home sales cool, but market still hot

August 24, 2005


Sales of previously owned homes fell in July as some house hunters were put off by galloping prices, but the pace of sales was still the third-highest, suggesting the red-hot market isn't cooling much.

The latest snapshot of activity in the housing market, released Tuesday by the National Assn. of Realtors, showed that July sales of existing homes - including single-family, town homes and condominiums - totaled 7.16 million units at a seasonally adjusted annual rate.

That represented a 2.6 percent decline from June's record-high pace of 7.35 million units.

Soaring home prices and to a lesser extent rising mortgage rates played a role in July's drop in sales - making it harder for some house hunters to take the leap into home ownership, analysts said.


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