U.S. Housing Sector Shows Signs of Slowing Ahead

Published on:
12 September 2006 at 10:20 a.m. ET

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http://www.insidearm.com/news/00008834-us-housing-sector-shows-signs-of-slowing-/

By Kristin Roberts, Reuters

The hot U.S. housing market showed signs of cooling last month and economists said demand could start to wane as long-term interest rates climb over the next year, economists and analysts said on Tuesday.

The National Association of Realtors reported sales of existing U.S. homes dropped 2.6 percent in July as the pace of both condominium and single-family home purchases slowed across nearly the entire country.

Previously owned home sales fell to a seasonally adjusted 7.16 million unit annual rate last month from June’s record, the trade group said. That figure includes both single-family homes and condos. Analysts had expected overall sales to decrease to a 7.25 million unit annual pace.

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U.S. Housing Sector Shows Signs of Slowing Ahead

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