July Home Sales Plummet 27.2%

Largest drop since records began in 1968
By Newser Editors and Wire Services
Posted Aug 24, 2010 9:20 AM CDT
In this July 22, 2010 photo, a Real Estate Owned home is listed for sale for $900,000 along the Miami River in Miami.   (AP Photo/Lynne Sladky)

(Newser) – Sales of previously occupied US homes fell to the lowest level in 15 years last month as the economy weakened. The National Association of Realtors says July's sales fell by more than 27% to a seasonally adjusted annual rate of 3.83 million. It is the largest monthly drop noted since recording began in 1968. June's sales pace was revised downward to 5.26 million.

Home sales picked up in the spring when the government was offering tax credits, but the market has struggled since the tax credits expired on April 30. It would take 12.5 months to sell off the 4 million unsold homes on the market at the current sales pace. The median sale price was $182,600, up 0.7% from a year ago.

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