The National Association of Realtors released the existing home sales figures for July 2008 today. Sales increased to a seasonally adjusted annual rate of 5.000 million units in June, up 3.09% from June 2008 and down 13.19% from July 2007. The median sales price was $212,400 in July down from $215,100 in June 2008 (down 1.26%) and down from $228,600 in June 2007 (down 7.09%). The inventory of existing homes grew to 4.669 million units up from 4.495 million in June 2008. This is the largest amount of inventory on record. Month's supply grew to 11.2. While sales rose in July, the inventory rose even faster.
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