The US existing homes sales rate fell in July 2011 by 3.5%; this news serves as a good indicator of the economic slowdown in the US housing market.
According to the recent report of Realtors, the number of US existing home sales moderately declined in July compared to June. The seasonally adjusted annual rate reached 4.67 million home sales in July compared with an annual rate of 4.84 million home sales in June 2011, a 3.5% drop (M-2-M), but 21% above the 3.86 million home sales (annual rate) in July 2010.
This news continues the disappointing reports of a moderate slowdown in the housing market during July compared to June.
This news didn’t project well in the markets as the US stock markets opened today with sharp falls with the S&P500 index falling by 3.21%, the Dow by 2.8% and the NASDAQ by 3.72%.
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