Existing home sales tumble amid low inventory, higher prices

August 24, 2016 3:27 PM

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A scarcity of affordable homes on the market helped drag down existing homes sales in July as low inventory levels and higher prices put an end to a four-month climb.

Existing home sales fell 3.2% to a seasonally adjusted annual rate of 5.39 million from a revised 5.57 million in June, according to the National Association of Realtors. That includes transactions of single-family homes, townhomes, condominiums and co-ops.

Also read: U.S. economy creates 178,000 jobs in November; jobless rate drops to 4.6%

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