Existing-home sales hit 5.15M annual pace in July(By Ron Gallagher)

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Sales of existing homes in the U.S. rose 2.4% from June to July, setting a seasonally adjusted annual pace of 5.15 million transactions. The month's transactions were 4.3% behind the pace in July 2013, but that month was also the peak for last year. Sales dropped when a mortgage-rate spike killed the momentum. The National Association of Realtors, which tracks the sales, said the inventory of existing houses on the market was 2.37 million in July, which is a two-year high, and the portion of sales comprising distressed properties dropped again to 9%.
From www.constructiondive.com
Trenton H. Cotney
Florida Bar Certified Construction Lawyer
Trent Cotney, P.A.
1211 N Franklin St
Tampa, FL 33602

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