Home Sales Rise in July as Prices Fall

Existing-home sales improved slightly in July, but inventories spiked to record levels as housing prices continue to fall.

Existing-home sales rose 3.1% from June to July to an annualized rate of 5 million units, the National Association of Realtors said on Monday. The sales rate was 13.2% below a year ago. The national median sales price fell 7.1% from last year to $212,400.

Inventories spiked 3.9% from last month to a record 4.67 million homes for sale at the end of July. This represents 11.2 months of supply at the current sales pace. The rise was due to a sharp increase in condo inventory, as single-family supply declined, the NAR said. ...