NEW YORK (AP) -- Shares of building material suppliers slipped Wednesday after realtors said sale prices for existing homes will fall this year for the first time in decades.
The National Association of Realtors expects the median sale price of existing homes to shrink 0.7 percent, citing subprime lending industry woes and tougher lending standards. Prices have not decreased since the group began keeping records in the late 1960s. The group also predicted existing home sales will fall 2.2 percent.
NAR projected that sales prices for new homes will rise 0.4 percent, compared with a 1.8 percent gain last year, but sales of those homes will drop 13.9 percent.
Shares of Winchester, Va.-based Trex Co. -- which makes composite decking and railings -- lost $1.22, or 5.6 percent, to $20.46 in afternoon trading on the New York Stock Exchange.
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http://biz.yahoo.com/ap/070411/homebuilding_suppliers_sector_snap.html?.v=1
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