NAR - "Existing-Home Sales Flattening, Prices Cooling – NAR" (7-25-06)

"Existing-home sales were down modestly in June, and home prices were up slightly from a year ago, according to the National Association of Realtors®."

David Lereah, NAR’s chief economist, said the housing market is flattening-out. “Over the last three months home sales have held in a narrow range, easing to a level that is near our annual projection, which tells us the market is stabilizing,” he said. “At the same time, sellers have recognized that they need to be more competitive in their pricing given the rise in housing inventories. Home prices are only a little higher than a year ago.”