NAR: Existing home sales rose 3.1% in July

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From the National Association of Realtors this morning: ‘Existing-home sales rose in July to the highest level in five months, although sales have hovered in a relatively narrow range over the past 11 months, according to the National Association of Realtors.’

More: ‘Existing-home sales –- including single-family, townhomes, condominiums and co-ops -– increased 3.1 percent to a seasonally adjusted annual rate of 5.00 million units in July from a downwardly revised level of 4.85 million in June, but are 13.2 percent lower than the 5.76 million-unit pace in July 2007.’

From NAR President Richard F. Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach: “Buyers who’ve been on the sidelines should take a closer look at what’s available to them now in terms of financing and incentives. Given some of the inventory on the market, we also strongly encourage buyers to get a professional home inspection.”

Also: Inventory rose slightly in July, according to NAR, while prices fell. Prices: ‘The national median existing-home price for all housing types was $212,400 in July, down 7.1 percent from a year ago when the median was $228,600.’

Inventory: ‘Total housing inventory at the end of July rose 3.9 percent to 4.67 million existing homes available for sale, which represents an 11.2.-month supply at the current sales pace, up from a 11.1-month supply in June. The rise in supply results from a sharp increase in condo inventory; the single family supply declined.’

-- Peter Viles
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