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Economy in Brief

U.S. Existing Home Sales Fell A Second Month
by Tom Moeller September 24, 2004

Existing single family home sales fell 2.7% in August to 6.54M following an unrevised 2.9% drop in July. Consensus expectations had been for a lesser decline to 6.72M.

The figures reflect closings of home sales in earlier months.

Sales fell across the nation except in the Northeast where they were unchanged m/m (+1/4% y/y).

The median price of an existing home fell slightly for the second month to $190,100 (+7.3% y/y).

The latest release from the National Association of Realtors is available here.

Existing Home Sales (000, AR) Aug July Y/Y 2003 2002 2001
Existing Single-Family  6,540  6,720 2.3% 6,098 5,593 5,290
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