AP Economics Writer Jeannine Aversa thinks so. The headline reads, "Existing Home Sales Drop to 2-Year Low" in this Yahoo Finance article.It states, "House hunters shied away from buying in July, driving down sales of previously owned homes to a 2 1/2-year low. The inventory of unsold homes climbed to a new record high."
"The new figures, released Wednesday, provided fresh evidence of how much the once-sizzling housing market has cooled."Existing-home sales dropped 4.1 percent in July from the previous month to a seasonally adjusted annual rate of 6.33 million units, the National Association of Realtors reported. That was the lowest level since January 2004."
The article has this little gem, too: "Meanwhile, the inventory of unsold homes in July rose to a record high of 3.86 million. At the current sales pace, it would take 7.3 months to exhaust that overhang. That is the longest period to exhaust the supply of homes since the spring of 1993."
1 comment:
*siiiiigh* said the woman with the house that's been on the market in Portland since May...nice blog! I will be back!
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