July Existing-Home Sales Fall

Existing-home sales were sharply lower in July following expiration of the home buyer tax credit, according to a release from the National Association of Realtors. Existing-home sales dropped 27.2 percent to a rate of 3.83 million units in July from 5.26 million in June, and are 25.5 percent below the 5.14 million-unit level in July 2009. Sales are at the lowest level since the total existing-home sales statistic began being tracked in 1999, and single-family sales, accounting for the bulk of transactions, are at the lowest level since May 1995. Single-family home sales dropped 27.1 percent to an annual rate of 3.37 million in July from a pace of 4.62 million in June, and are 25.6 percent below the 4.53 million level in July 2009; they were the lowest since May 1995 when the sales rate was 3.34 million.