Sales of existing single-family homes dropped to their lowest levels since 1995, according a recent report from the National Association of Realtors.
The NAR said that July’s existing-home sales dropped to a seasonally adjusted annual rate of 3.83 million units, which was a 27.2 percent decline from June’s figure. They are also down 25.5 percent from numbers posted during the same time in 2009.
Sales of single-family homes make up the bulk of the NAR’s statistic. When considering other types of units – including townhomes, co-ops and condominiums – transactions are down to the lowest levels seen since the organization began cumulative tracking in 1999.