Sales of Existing Homes Down in July

CHICAGO ?EUR??,,????'??+ Existing-home sales dropped in July from a record in June, according to a report released Tuesday by the National Association of Realtors (NAR). Despite July?EUR??,,????'???s decline in sales, NAR officials said home prices continue to rise at double-digit rates.

Total existing-home sales ?EUR??,,????'??+ including single-family, townhomes, condominiums and co-ops ?EUR??,,????'??+ slipped 2.6 percent in July to a seasonally adjusted annual rate of 7.16 million from an upwardly revised record of 7.35 million in June. Sales were 4.7 percent higher than the 6.84 million-unit pace in July 2004.

?EUR??,,????'??The level of existing-home sales in July was the third highest on record,?EUR??,,????'?? David Lereah, NAR?EUR??,,????'???s chief economist said. ?EUR??,,????'??This is a big number any way you slice it, and housing is continuing to stimulate the overall economy.?EUR??,,????'??

The national median existing-home price for all housing types was $218,000 in July, up 14.1 percent from July 2004 when the median price was $191,000. The median is a typical market price where half of the homes sold for more and half sold for less.

Total housing inventory levels rose 2.6 percent at the end of July to 2.75 million existing homes available for sale, which represents a 4.6-month supply at the current sales pace.

After hitting four consecutive monthly records, existing condominium and cooperative housing sales declined 5.0 percent to a seasonally adjusted annual rate of 915,000 units from an upwardly revised level of 963,000 in June. Last month?EUR??,,????'???s sales pace remained 8.4 percent above the 844,000-unit level in July 2004. The median condo price was $219,300, up 11.3 percent from a year ago.

Single-family home sales eased by 2.3 percent to a seasonally adjusted annual rate of 6.24 million in July from an upwardly revised record of 6.39 million in June, and were 4.0 percent above the 6.00 million-unit pace in July 2004. The median single-family home price was $217,900 in July, up 14.6 percent from a year ago.

Regionally, total existing-home sales in the South were unchanged in July, holding at a record level of 2.74 million units, and were 5.0 percent higher than a year earlier. The median price of an existing home in the South was $187,000, up 7.5 percent from July 2004.

Existing-home sales in the Midwest slipped 1.8 percent to an annual sales rate of 1.61 million in July, and were 2.5 percent higher than July 2004. The median price in the Midwest was $178,000, which was 11.9 percent higher than a year ago.

Total existing-home sales in the Northeast declined 3.3 percent to an annual pace of 1.19 million in July, and were 6.3 percent above the same month a year ago. The median existing-home price in the Northeast was $251,000, up 13.1 percent from July 2004.

In the West, existing-home sales fell 7.5 percent to a level of 1.61 million units in July, and were 3.2 percent higher than July 2004. The median existing-home price in the West was $319,000, up 16.0 percent in the last year.