US STOCKS-Indexes add to losses after housing data 27 Aug 2007 22:10
(Updates with reaction to housing data)
NEW YORK, Aug 27 (Reuters) - U.S. stocks extended losses on Monday as a report showing a decline in existing home sales last month suggested the housing sector remained mired in a downturn.
The Dow Jones industrial average <.DJI> fell 34.06 points, or 0.25 percent, at 13,344.81. The Standard & Poor's 500 Index <.SPX> was down 5.90 points, or 0.40 percent, at 1,473.47. The Nasdaq Composite Index <.IXIC> was down 9.54 points, or 0.37 percent, at 2,567.15. ((Reporting by Ellis Mnyandu
REFILE-U.S. existing home sales fell in July 27 Aug 2007 22:14
(Refiles to fix typo in fourth paragraph)
WASHINGTON, Aug 27 (Reuters) - The pace of U.S. existing home sales in July fell slightly to a 5.75 million unit annual rate and the supply of unsold single-family homes hit its highest since 1991, the National Association of Realtors said in a report on Monday.
Total existing home sales, which include condominiums, fell 0.2 percent in July from an upwardly revised 5.76 million seasonally adjusted annual rate in June, first reported as 5.75 million.
The inventory of homes for sale rose 5.1 percent to 4.59 million, representing 9.6 months worth of supply at the current sales pace.
Economists polled ahead of the report were expecting home resales to drop to a 5.70 million-unit pace.
Median home prices fell 0.6 percent from a year ago to $228,900. ((Reporting by Joanne Morrison; Editing by Neil Stempleman, Reuters Messaging; joanne.morrison.reuters.com@reuters.net; e-mail: joanne.morrison@reuters.com; 1 202 898-8315)) Keywords: USA ECONOMY/HOUSING
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