Homes sales at their lowest level in 10 years

The National Association of Realtors reported that sales by homeowners dipped in June from 4.99 million to 4.86 million in May… and says that this is their lowest level in 10 years. Robert Dye, senior economist at PNC Financial Services Group says that "The factors that are weighing on the housing market are weak consumer confidence, a weak labor market and rising mortgage rates.” With housing inventory on the rise, home prices falling further and high interest rates skyrocketing… first-time homebuyers remain hesitant to purchase a new home in this housing market. The median price of a home sold in June fell to $215,100, down 6.1% from a year ago.

Google Video | July 26, 2008

Tags:. .national. .falling. .rates. .market. .services