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COPYRIGHT 2005 The Dallas Morning News
Byline: Danielle DiMartino
Aug. 23--And you thought June was hot. Home resales clocked in at their third-highest level on record in July.
The seasonally adjusted 7.16-million annualized pace represented a 2.6 percent decline off of June's record 7.35-million rate, according to Tuesday morning's report from the National Association of Realtor's. 2005 U.S. housing supply Date Months' supply January 3.8 months February 4.1 months March 4.1months April 4.1months May 4.3 months June 4.4 months July 4.6 months
For the year, existing home sales are up nearly 5 percent over last year's levels.
Home resales have been running at or better than a 6-million-unit rate for 25 of the last 26 months. They have topped the 7-million mark for four consecutive months, something seen only one other time before this year.
Nevertheless, in a quiet market itching for new news, July's decline quickly sparked speculation that the...
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