Existing Home Sales Rise 3.1%
The number of home re-sales rose to its highest level in five months in July, but was still more than 13 percent lower than it was just one year ago, according to the National Association of Realtors.
Also, July housing inventory increased by 3.9 percent to 4.67 million existing homes, which is nearly a year's supply, the association said.
The association said 5 million existing homes were sold in July, a 3.1 percent increase compared to the 4.85 million sold in June. However, 5.76 million homes were sold in July of 2007. The association includes the re-sale of single-family homes, townhouses, condominiums and co-ops in its statistics.
The association said the national median price for existing homes was $212,400 in July, down 7.1 percent from a median of $228,600 in July 2007.
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