NAR - "Second Quarter State Existing-Home Sales Soften" (8-15-06)

"Existing-home sales, including single-family and condo, were down in the second quarter in contrast with a record set in the same period in 2005. Despite the overall decline, 20 states showed increases in sales activity from a year ago, according to the National Association of Realtors^®."

"The quarterly report on total state existing-home sales shows that the seasonally adjusted annual rate* was 6.69 million units in the second quarter, down 7.0 percent from the record 7.19 million-unit level in the second quarter of 2005."

"David Lereah, NAR’s chief economist, said two sets of market conditions are apparent in the report. 'When you look at states with high housing costs or that have experienced a prolonged period of rapid price gains, you typically see slower home sales,' he said. 'By contrast, states with moderately priced areas that have experienced healthy job creation are seeing sales gains – the economic backdrop remains favorable for the housing market, which is helping home sales to level out.'"