July 24, 2008
Home Re-sales Fall To 10-year Low
By Matthew L. Brown
Sales of existing homes fell another 2.6 percent in June to their lowest level in 10 years, according to the National Association of Realtors.
The 2.6 percent drop in sales put the association's annual rate at 4.86 million units in June, off from a pace of 4.99 million in May and 15.5 percent below the 5.75 million-unit pace recorded in June of last year.
The association said potential home buyers are "waiting on the sidelines" as home prices continue to fall and consumer confidence wanes.
The association said June housing inventory rose 0.2 percent to 4.49 million existing homes available for sale.
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