Article about home sales
From: http://money.cnn.com/2006/08/23/news/economy/homesales/index.htm
Home sales slump deepens
Sales of existing homes slow more than expected in July as supply of homes on the market continues to climb and prices soften.
August 23 2006: 10:08 AM EDT
NEW YORK (CNNMoney.com) -- Home sales slowed further in July, according to a trade group reading Wednesday that showed the closely watched real estate market to be even weaker than Wall Street expectations.
The National Association of Realtors reported that existing homes sold at an annual pace of 6.33 million in July, down from the 6.6 million pace in June, which was also revised lower. Economists surveyed by Briefing.com had forecast a 6.55 million pace.
The group said that there was a 7.3 month supply of homes on the market, as all regions of the country outside of the South saw a year-over-year decline in median home prices.
Nationwide median home prices are up just less than 1 percent compared to July 2005, after years of double-digit price increases.