July Existing Home Sales Fall From Record Rate

August 23, 2005 10:15 AM, EDT

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ales of existing homes slowed 2.6% in July from June’s record level, the National Association of Realtors said Tuesday.

The decline to an annual rate of 7.16 million homes compared with June’s 2.35 million rate, the group said.

The July drop exceeded analysts’ forecast of a 1.1% decline to 7.25 million homes, Bloomberg reported.

Median home prices rose 0.5% to a record $218,000, from $217,000 in June, NAR said.

xisting home sales account for 85% of the residential real estate market in the United States. When a home is sold, trucks are usually used to transport household appliances and furniture.