The National Association of Realtors said Thursday that home sales dropped 3 percent last month to a seasonally adjusted annual rate of 4.91 million homes. That’s below the 6 million that economists say is consistent with a healthy housing market.
The housing market has been hobbled by foreclosures, weak demand and falling home prices. Last year 4.91 million previously occupied homes were sold, the lowest level since 1997.
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