Existing Home Sales Declined Locally, Nationally In July
Sales of existing homes fell in July on the local and national levels, but increased on the state level.
Jim Letizia has the numbers that were released on Wednesday.
The National Association of Realtors says existing home sales in July fell by seven-tenths of a percentage point from June to a seasonally adjusted annual rate of 5.34 million. It was the fourth consecutive monthly decline. Industry analysts say the market is hurt by a widening wealth gap, as inventories of lower-priced homes remain tight. Sales of single-family homes worth more than 500 thousand dollars have risen in the past year. But homes priced between 100 and 250 thousand dollars - a level the middle class can afford - have barely budged. The Ohio Association of Realtors says existing home sales rose by 1.9 percent from June to a seasonally adjusted annual rate of more than 149 thousand. The Columbus Realtors trade association says more than 32 hundred homes were sold in its mutli-county region in July, down 3.8 percent from June.