Thursday, August 18, 2011

Existing Home Sales Report: July 2011

Today, the National Association of Realtors (NAR) released their Existing Home Sales Report for July showing continued weakness with slumping sales and an elevated monthly supply.

Single family home sales declined a notable 4.0% from June but rose notably compared to the level seen last year's post-tax scam weakness while the median selling price declined 4.5% below the level seen in July 2010.

Further, inventory of single family homes declined 5.4% from June and 8.6% below the level seen in July 2010 which, combined with the relatively slow pace of sales, resulted in an still elevated monthly supply of 8.9 months.

The following charts (click for full-screen dynamic version) shows national existing single family home sales, median home prices, inventory and months of supply since 2005.