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Reply #39: July Slowing of Home Sales Stirs Talk of Market Peak [View All]

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54anickel Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-24-05 09:15 AM
Response to Reply #8
39. July Slowing of Home Sales Stirs Talk of Market Peak


Sales of existing homes fell more than expected in July and prices were virtually flat compared with the previous month, the National Association of Realtors reported yesterday. Perhaps most significant, the price of condominiums, which have recently attracted a growing number of speculators looking to cash in on the boom, fell for the second straight month, while the number of condos on the market rose sharply.

For sale in Alameda, Calif., a state where prices rose 16 percent from a year ago, after a 24 percent rise in 2004.
"We could very much be close to the peak at this time," said Lynn Reaser, chief economist at Bank of America's capital markets group.

"There are signs that investors are becoming a little more cautious about the housing market," she added. "Sellers of the higher-price homes are not getting their asking prices, and there is a buildup of inventories."

Economists pointed out that house sales remained near record highs and that the slowdown might turn out to be more of a blip than a clear signal that the boom was reaching a peak. The agents' association adjusts its numbers to take into account seasonal variations like summer vacations; the adjustments are only an estimate, however, and the picture will not become clearer until more data is available, analysts said.

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