U.S Home Sales at Record Low

The housing crisis shows no signs of abating as figures revealed on Thursday from an industry group show that the number of homes sold in the U.S fell by 2.6 percent in June compared over the same period last year to reach its lowest level in ten years.

The National Association of Realtors (NAR) said that the existing home sales rate which include co-ops, single family and town houses are down 15.5 percent from 5.75 million units sold in June 2007.

Reacting to the figures, NAR President, Richard Gaylord said, "A recent online survey of Realtors (R) shows nearly a quarter of potential home buyers are waiting on the sidelines. However timing the market can be very tricky, which is why home buyers should always have a long-term view to build wealth."

Lenders have tightened their standards on home loans, contributing to the credit crunch that is restraining the US economy.

The figures also show that the national median existing home price for all housing types was $215,100 in June, down 6.1 percent from a year ago when the median price was $229,000.