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Existing-home sales drop 13.2% as prices fall 7.1%

Posted on August 25, 2008

Existing-home sales (Seasonally adjusted) rose 3.1% to an annual rate of 5.00 million units in July, from a downwardly revised level of 4.85 million in June. These are 13.2% percent lower than the 5.76 million-unit pace in July 2007.The sales level was the highest since 5.03 million in February, while the monthly gain was the biggest one since March 2007.Total housing inventory rose 3.9% to a record 4.67million existing homes available for sale, representing an11.2.-month supply. This matches the highest inventory totals ever. The NAR has said a 5-6 month's supply is what is seen in stable hou...

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data , existing home sales , housing , housing inventory