Existing-home sales fell slightly by 0.3% in June, but sales continue to be strong and housing economists expect 2003 to be a record year.The National Association of Realtors reported that sales of existing single-family homes fell from a seasonally adjusted annual rate of 5.85 million in May to 5.83 million in June. "The slight easing of sales in June may reflect some weakness in the labor markets," NAR chief economist David Lereah said. However, NAR economists don't believe the recent rise in mortgage rates will have a significant effect on home sales. Mortgage rates are below last year's rates and remain at historically low levels, NAR senior economist Lawrence Yun said.
Processing Content
