Since 2009: Existing-home sales soared 6.5 percent in July to an annual sales rate of 5.39 million—the highest level since November 2009—as the price of a single-family home slipped 0.2 percent, the National Association of Realtors reported Wednesday.
The boost in sales came two months after a sharp jump in NAR’s Pending Home Sales Index, which was 111.3 in May, up 5.8 percent from April.Existing-home sales continue to be plagued though by a tight inventory. The number of homes on the market in July was down 120,000 from a year earlier. Though flat in June, months’ supply of homes for sale—computed using the number of homes for sale and the sales pace—was down 1.2 months from a year earlier. The months’ supply has been down year-over-year for 25 straight months.Watch our video to learn more...
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