make WWAY your homepage  Become a fan on facebook  Follow us on twitter  Receive RSS Newsfeeds  MEMBERS: Register | Login

Home sales plunge 27 percent to lowest in 15 years

READ MORE:

WASHINGTON (AP) - Sales of previously occupied 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 percent to a seasonally adjusted annual rate of 3.83 million. It was the largest monthly drop on records dating back to 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 percent from a year ago.

Disclaimer: Comments posted on this, or any story are opinions of those people posting them, and not the views or opinions of WWAY NewsChannel 3, its management or employees. You can view our comment policy here.

»

Reply

The content of this field is kept private and will not be shown publicly.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

More information about formatting options

To prevent automated spam submissions leave this field empty.
CAPTCHA
Please re-enter the code shown in the image below.