July Existing Home Sales Up 2.3% over June

The National Association of Realtors (NAR) reported today that July 2012 existing home sales were up 2.3% over June 2012 sales and 10.4% over July 2011. While the Northeast, Midwest, and South regions all experiences the largest increases in existing home sales last month, the West remained unchanged. The NAR attributes the West’s lack of sales increases to limited inventory even though the trade association’s data shows a 5.9% increase over July 2011 existing home sales.

National median home prices have also increased for the fifth consecutive month, reaching $187,300, “up 9.4 percent from a year ago.” The NAR says, “The last time there were five back-to-back monthly price increases from a year earlier was in January 2006 to May of 2006.” http://bit.ly/O57N7o

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