Home Sales Fall Nationwide

By: Associated Press
By: Associated Press

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.


You must be logged in to post comments.

Username:
Password (case sensitive):
Remember Me:

Read Comments

Comments are posted from viewers like you and do not always reflect the views of this station.
  • by Anonymous on Aug 24, 2010 at 12:22 PM
    Of course they fall, people tried as hard as they could to get that tax credit.
  • by Anonymous on Aug 24, 2010 at 08:00 AM
    Guess I should be glad I bought my home 16 years ago, it's now worth the same as I paid for it.
WILX 500 American Road Lansing, MI 48911 517-393-0110
Copyright © 2002-2016 - Designed by Gray Digital Media - Powered by Clickability 101378834 - wilx.com/a?a=101378834
Gray Television, Inc.