'Another Downward Surprise' In Existing-Home Sales Data - Preview
Sales of existing homes in the U.S. decreased in July for the fourth month in a row, the National Association of Realtors said. Sales dropped by 4.1% from June to a seasonally adjusted annual rate of 6.33 million, the lowest level since January 2004. The inventory of unsold homes in July rose to a record of 3.86 million. At the current sales pace, it would take 7.3 months to exhaust that overhang. Here's what economists and others had to say about the data, and what they mean for the broader economy and interest rates.
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Sales of existing homes in the U.S. decreased in July for the fourth month in a row, the National Association of Realtors said. Sales dropped by 4.1% from June to a seasonally adjusted annual rate of 6.33 million, the lowest level since January 2004. The inventory of unsold homes in July rose to a record of 3.86 million. At the current sales pace, it would take 7.3 months to exhaust that overhang. Here's what economists and others had to say about the data, and what they mean for the broader economy and interest rates.
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