Home sales end 4-month rise
Economists say dip should be temporary
By Alan Zibel
ASSOCIATED PRESS
WASHINGTON — Four steps forward, one step back.
Single-family-home resales dipped unexpectedly last month, falling 2.7 percent from a month earlier, the National Association of Realtors said yesterday, reversing steady monthly gains since April. Most economists, however, called the drop temporary and said they expected sales to strengthen later this fall.
“It doesn’t change the underlying trend of improvement,” said Dean Maki, chief U.S. economist at Barclays Capital.
But even if sales do turn upward again, Maki and other economists don’t predict prices will follow. Though prices have stabilized this summer, many economists are forecasting a downward turn over the fall and winter and expect prices to finally hit bottom early next year