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Housing Supply Spikes

Stock quotes in this article: HOV , TOL , KBH  

Updated from 10:33 a.m. EDT

Existing-home sales remained flat from June to July, but inventories spiked to a new high, demonstrating that the U.S. housing market continues to struggle.

Sales of existing homes and condos totaled an annualized rate of 5.75 million units in July, down from the upwardly revised level of 5.76 million in June, the National Association of Realtors said Monday.

Economists expected 5.7 million sales, according to estimates from Reuters. The sales level is 9% below a year earlier. ...

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