Existing-home sales plummet, big time

According to NAR, sales of previously occupied homes fell more than 27 percent from June to July, the largest month-to-month drop on record. And they dropped to the lowest level in 15 years, more than 25 percent below their July 2009 level.Click here to read the full story at Realtor.org

About Andrew Kantor

Andrew is VAR's editor and information manager, and -- lessee now -- a former reporter for the Roanoke Times, former technology columnist for USA Today, and a former magazine editor for a bunch of places. He hails from New York with stops in Connecticut, New Jersey, Cincinnati, Columbus, and Roanoke.
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4 Responses to Existing-home sales plummet, big time

  1. Ouch. That’s not good news. Here in TX we aren’t doing too bad. I hope Virgina makes a rebound soon. It’s never a good feeling when you have record drops when things are supposed to be getting better.

  2. Hi Andrew,
    I’m not surprised, The Tax Credit incentive from the Government did nothing more than expedite sales under April and May that would have most likely occurred anyhow sometime later in the autumn 2010 or early spring 2011.

  3. I agree with Marbella. Government intervention (via tax credit) rocked the market and instead of providing long-term stability resulted in a dud summer. Hoping the rest of the year rebounds (but not overly optimistic).

  4. Jeff Divers says:

    Year 2010 is ending, and the trend has not changed that much. With the economic crunch’s pressure ever increasing, we really need to exert more effort than just purely being optimistic.

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