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August 26, 2016

Home sales fell in July — inventory and prices blamed

  • Purchases in the West bucked the trend, rising 2.5 percent.
    • By JOSH BOAK
    AP Economics Writer

    WASHINGTON — U.S. homebuyers pulled back in July, as sales declined amid a shortage of available properties and steadily rising prices.

    Sales of existing homes fell 3.2 percent last month to a seasonally adjusted annual rate of 5.39 million, the National Association of Realtors said Wednesday. The decline marks a reversal from rising demand that pushed sales in June to their highest level since February 2007.


     
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