http://www.nytimes.com/2008/07/25/bu...25econ.html?hp
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Sales of previously owned homes, which make up most of the housing market, tumbled 2.6 percent in June, nearly double the decline that economists had expected, according to a report Thursday by a private trade group.
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Only the West had higher sales, reporting a 1 percent increase. Sales declined 6.6 percent in the Northeast, 3.4 percent in the Midwest and 3.1 percent in the South.
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“Inventories are very high relative to sales rates, and would probably be even more so if all those wishing to sell their home actually had the house on the market instead of pulling it off in the face of weak demand and eroding prices,” Joshua Shapiro, chief domestic economist at the research firm MFR, wrote.
Values are dropping as well, which is cutting into many homeowners’ equity lines. The median price of a previously owned home in June was $215,100, down 6.1 percent from a year previous.
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Sales of previously owned homes fell more than expected
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