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Existing Home Sales Dip

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Sales of previously owned homes dropped 2.6 percent in July as mortgage rates crept up. But even with the decline, sales clocked in at the third-highest level on record.


The 2.6 percent decline from the previous month pushed sales down in July to a seasonally adjusted annual rate of 7.16 million units, the National Association of Realtors said on Tuesday. The median sales price of an existing home was $218,000 in July, up 14.1 percent from a year ago. The average rate on 30-year mortgages in July was 5.70 percent, up from 5.58 percent in June.


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