The drop is the third straight monthly decline, bringing the seasonally adjusted annual rate of home sales to 3.83 million units. This is a drastic decrease from the 5.26 million unit rate in June.
CNNMoney.com has more on the July home sales drop, noting: "The sales pace of all homes -- single-family homes, townhomes, condominiums and co-ops -- is at the lowest since NAR began tracking the figure in 1999. Sales of single-family homes, which account for a bulk of the transactions, are at the lowest level since May 1995."
Analysts point to the expiration of the homebuyer tax credit as reason for the sales decline. The tax credit required home purchases to be signed by April 30, and closed on by June 30. Congress later passed a bill extending the closing date to September 30, though only for buyers who had already signed to purchase the home by April 30. CNNMoney.com reported at the time that approximately 200,000 home purchasers would have missed out on the tax credit if not for the extension of the closing date.
Despite the home sales decrease, Delta Media Group has seen different trends for its Search Engine Optimization customers. We'll soon post more info on these trends at Delta Media Group's News Blog.
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