WASHINGTON — Existing home sales fell a record 27.2% in July to an annual rate of 3.83 million units as purchase activity continued to tumble following the expiration of federal subsidies, the National Association of Realtors said Tuesday.

The seasonally adjusted sales pace is the slowest since 1995 and leaves the nation with a record 12.5 months of inventory.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.