July Existing-Home Sales Off Slightly From Record, Says Nar

U.S. Newswire › August 24, 2004

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WASHINGTON, Aug. 24 /U.S. Newswire/ -- Existing single-family home sales slipped in July but still managed the third-best pace on record, according to the National Association of Realtors(r).

Existing-home sales declined 2.9 percent to a seasonally adjusted annual rate (see NOTE) of 6.72 million units in July from a record pace of 6.92 million units in June; last month's sales activity was 8.6 percent above the 6.19-million unit pace in July 2003. The second-highest sales rate was in May of this year.

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July Existing-Home Sales Off Slightly From Record, Says Nar

David Lereah, NAR's chief economist, said changes at this volume of sales are relative. "Prior to this year, the July sales pace would have been a real eye-popper," he said. "The fact is -- it remains so. The present level of home sales activity is considerably above last...

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