Home sales plunge 27 percent

(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

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 to1968. June's sales pace was revised downward to 5.26 million.

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

advertisement | advertise on News 12

Trending Video

The incident occurred at the corner of Caton 1 Woman fatally struck by tractor-trailer on Caton Ave.
2 Activists push women's rights with double entendre
News 12 Brooklyn asked residents what they like 3 Word on the Street: Inauguration Day
Two males robbed $282 from a 9-year-old boy 4 Police: 9-year-old robbed of $282
VIDEO: President Obama hold final news conference of 5 VIDEO: President Obama holds final news conference of presidency, Part 1

advertisement | advertise on News 12

Features

Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.

LOGIN SUBSCRIBE