Economic Buzz: US existing home sales slide 1.7% on month

The existing US home sales fell 1.7% on month in July to a seasonally adjusted annual rate of 4.06 million units, the National Association of Realtors said Tuesday. The number for July saw a gain of 0.7% compared with last year. Home prices continued to rise despite moderation in sales. The US median sales price gained 2% from a year earlier, to $434,100. There were 1.54 million unsold homes at the end of last month, down 1.9% from June and 0.6% less than July last year.

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