|
CNBC'S MOST SHARED
- A Goldman Trading Scandal?
- 'We're in the Middle of a Crash': Black Swan
- The Rising Mountain of Debt May Be the Next Crisis
- SEC May Reinstate Rules for Short-Selling Stocks
- Malaysia PM Speaks to CNBC
- Latvian Banker Taking Souls as Collateral
- Alaska Governor Sarah Palin Will Resign
- Your First Move For Monday July 6th
- Texting And Driving Worse Than Drinking and Driving
- Bank of America Topples UBS as World Wealth Manager
- Plan to Sell General Motors' Assets Is Approved
- UBS Says It Stays Committed to US Brokerage
- UK Spy Chief's Wife Posts Life on Facebook
- China Launches Major Step to Yuan Internationalization
- Alcoa to Post Loss — What Does This Mean?
- A Goldman Trading Scandal?
- Nigeria Rebels Attack Oil Facility, Hijack Tanker
- China Says 140 Die in Rioting
- Warren Buffett Lunch Winner: I Won't Profit From Stock Tip Windfall
- Go for Good Energy Companies: Bob Doll
- Yoshikami: A No Jobs Recovery Is Bad News
- Market 360: The Week's Best & Worst
- Fireworks At Pharma's Market
- Value of Warren Buffett's Annual Gift to Gates Foundation Falls Along With Berkshire's Stock
- Michael Jackson: The Music And The Money
- Five Stock Picks for This Market
- Realities of the New Obama Refis
![]() |
AP |
The National Association of Realtors reported that sales dropped by 2.6 percent last month to a seasonally adjusted annual rate of 4.86 million units, a 10-year low.
That was more than double the decline that had been expected and left sales 15.5 percent below where they were a year ago.
The downward slide in sales depressed prices, too. The median price for a home sold in June dropped to $215,100, down by 6.1 percent from a year ago. That was the fifth largest year-over-year price drop on record.
The drop in sales pushed inventories of unsold single-family homes and condominiums to 4.49 million units, up by 0.2 percent.
That represented a 11.1 month supply at the June sales pace, the second highest level in the past 24 years.
Sales were down in all regions of the country except the West, which posted a 1 percent sales increase. Sales fell by 6.6 percent in the Northeast, 3.4 percent in the Midwest and 3.1 percent in the South.
Analysts said that until the inventory level is reduced to more normal levels, the slump in housing is likely to persist. The inventory level is being driven higher by a massive wave of mortgage foreclosures, however.
Seeking to address the housing crisis, Congress is moving to pass a sweeping package of rescue measures.
The plan includes support to keep as many as 400,000 homeowners from losing their homes to foreclosure and a federal lifeline to bolster troubled mortgage giants Fannie Mae and Freddie Mac.
The House passed the bill Wednesday and the Senate is expected to pass the proposal in coming days, sending it to President Bush.
The president has dropped a threatened veto over a portion of the bill.









