The 3% drop in existing home sales for July - reflected in the most recent report by the National Association of Realtors (NAR) - is seen by some as being inconsequential, though the association considers it as a signal of a slowing housing market going forward.

According to the NAR, the seasonally adjusted annual rate of 5.17 million units in July dropped from a pace of 5.33 million units in June.

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