Resales Dip

Existing-home sales slipped 2.6% in July but remained above a 7.1 million-unit sales pace for the fourth consecutive month.The National Association of Realtors reported that resales of single-family homes, condominiums, and cooperatives fell from a record seasonally adjusted annual rate of 7.35 million units in June to a 7.16 million rate in July. Meanwhile, house prices in July were 14.1% higher than they were a year earlier, and the four-and-a-half year housing boom is spreading geographically. "In examining the hottest markets for home price appreciation, we see a rolling boom moving from one metro area to another over time, as well as a spillover effect into nearby areas with lower home prices," NAR chief economist David Lereah said. Resales of single-family homes slipped 2.3% in July to a 6.24 million seasonally adjusted annual rate. The median single-family home price was $217,900 in July, up 14.6% from a year ago.