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Thu July 19, 2012
Mixed Signals: Sales Of Existing Homes Dipped, But Prices Rose
While sales of existing homes fell 5.4 percent in June from May, their median price was up 7.9 percent from a year earlier.
In addition, the National Association of Realtors reports, the supply of existing homes available for sale continued to shrink — including the number of "distressed" homes on the market because of foreclosures.
But while NAR chief economist Lawrence Yun says a shrinking inventory and higher prices are together a bigger story than the monthly decline in sales, The Wall Street Journal calls the news "a sign of weakness for a part of the economy that has been showing life."
Reuters concludes the report offers "mixed signals" about the housing sector.