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Home sales volume declines

Figures indicating sales volume for previously owned homes during the month of July showed a 2.6% decline compared to the period prior. Despite the minuscule drop, July ended-up having the third highest level of previously owned houses on record, according to the National Association of realtors.

In June, pre-owned home sales volume hit a record number with 7.35 million units.

Despite the figures showing that July suffered a drop in volume, home prices nationwide in continued to climb, dismissing skepticism about impending "housing bubble" for yet another month. - Article by Ben Pengreen for CMR.