Existing home sales increased 3.1% in July to a seasonally adjusted 5.00 million-unit rate, the National Association of Realtors announced yesterday.
The sales increase to 5.00 million compared to the 4.940 million unit pace predicted by IFR Markets’ poll of economists and followed a revised drop to a 4.85 million-unit level in June.
On a year-over-year basis, though, sales overall were down 13.2% from a 5.76 million unit sales pace last July.
“Sales have picked up significantly in several Florida and California markets,” said NAR chief economist Lawrence Yun. “Home prices generally follow sales trends after a few months of lag time. Still, inventory remains high in many parts of the country and will require time to fully absorb. We expect more balanced conditions in 2009 and will eventually return to normal long-term appreciation patterns.”
Sales rose in three of the four regions of the country.
Inventory levels rose 3.9% at the end of July to 4.670 million existing homes for sale, representing an 11.2-month supply at the current sales pace, up from 11.1 months in June.
Meanwhile, the median existing home price was $212,400 in July, down 1.3% from June, when the median price was $215,100, and slid 7.1% year-over-year from a $228,600 level.
The average existing home price was $254,000 in July, off 1.5% from June, when the average price was $257,900, and dipped 8.0% year-over-year from a $276,000 level.
The national average 30-year, fixed-rate mortgage was 6.43%, up from June’s 6.32%, according to NAR. The rate was 6.70% in July 2007.
