U.S. existing home sales sharply lower in July

08:54, August 25, 2010      

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U.S. existing home sales fell sharply in July following expiration of the home buyer tax credit, further evidence that the housing market is still struggling and away from recovery, an industry group reported on Tuesday.

Existing home sales, which are completed transactions that include single-family, townhomes and condominiums, dropped 27.2 percent to a seasonally adjusted annual rate of 3.83 million units in July from a month earlier, according to the National Association of Realtors (NAR).

It was the largest monthly drop on records dating back to 1968, and was 25.5 percent below the level in July 2009.

Lawrence Yun, NAR chief economist, said a soft sales pace likely will continue for a few additional months.

"Consumers rationally jumped into the market before the deadline for the home buyer tax credit expired. Since May, after the deadline, contract signings have been notably lower and a pause period for home sales is likely to last through September," he said.

"However, given the rock-bottom mortgage interest rates and historically high housing affordability conditions, the pace of a sales recovery could pick up quickly, provided the economy consistently adds jobs."

Source: Xinhua

(Editor:张茜)

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