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Wednesday, September 24, 2008
Existing Home Sales Dip 2.2%; Home Prices Plummet in August
Associated Press
A trade group for real estate agents says sales of existing homes fell by 2.2% in August, but the number of unsold homes on the market also dropped sharply from the previous month's record high.
The National Association of Realtors says sales fell to a seasonally adjusted annual rate of 4.91 million units, from an upwardly revised pace of 5.02 million in July. Sales had been expected to fall by 1.6%, according to economists surveyed by Thomson/IFR.
There were 4.2 million unsold homes on the market, a 7% drop from the record set in July. It was the steepest drop in inventory since December 2006.
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