Existing home sales rose for the fourth straight month in July to an annualized unit rate of 5.24 million. The reading marked the highest reading since August 2007. The National Association of Realtors noted that about 30% of the existing homes were bought by first time buyers, who took advantage of the $8,000 tax credit, which is due to expire on November 30th. The median sales price of existing home sales was down 15.1% year-over-year. Sales showed a month-over-month increase in all regions, except the West. The supply of existing homes rose 280,000 to 4.091 million units, resulting in the months-supply remaining unchanged at 9.4.
Courtesy of Stocktiger
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