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US home sales slip another 2.6 percent
0 Comments | AFP, July, 2008
WASHINGTON (AFP) — US home sales fell another 2.6 percent in June as inventories rose and prices fell with buyers still hesitant in the face of a horrific market slump, industry data showed Thursday.
The National Association of Realtors reported sales of existing homes and apartments fell 2.6 percent to a seasonally adjusted annual rate of 4.86 million. The level is 15.5 percent lower than in June 2007.
The report was also weaker than the average Wall Street estimate of a pace of 4.95 million, and a sign that the real estate market is still struggling to find a bottom.
NAR president Richard Gaylord said the association's recent surveys showed "nearly a quarter of potential home buyers are waiting on the sidelines," in the face of declining prices.
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