Home sales at 15-year lows

By Lucia Mutikani Lucia Mutikani
Tue Aug 24, 4:07 pm ET

WASHINGTON (Reuters) – Sales of previously owned U.S. homes took a record plunge in July to their slowest pace in 15 years, underlining the housing market's struggle to find its footing without government aid.

Tuesday's report from the National Association of Realtors, which was much worse than market expectations, was the latest data that indicated economic activity continued to slacken into the third quarter.

The NAR said overall sales were at their lowest since it started the existing-home sales data series in 1999, with single-family home sales that account for most business at their lowest since 1995. Association chief economist Lawrence Yun characterized overall sales as the softest since 1995.