US July existing home sales up 4th straight month [View All]

http://www.marketwatch.com/story/us-july-existing-home-sales-up-4th-straight-month-2009-08-21

Aug 21, 2009, 10:01 a.m. EST

WASHINGTON (MarketWatch) - Resales of U.S. single-family homes and condos rose 7.2% in July to a seasonally adjusted annual rate of 5.24 million, the highest level since August 2007, the National Association of Realtors reported Friday. Resales have gained for four consecutive straight months, the longest streak of increases since 2004. "Momentum is building," said Lawrence Yun, NAR's chief economist. Economists surveyed by MarketWatch had expected sales to rise to an annual rate of 5 million. Inventories of unsold homes remain elevated, with a 9.4-month supply at the July sales rate, matching the prior month's result. Without seasonal adjustment, the median sales price fell 15.1% in the past year to $178,400. Distressed properties accounted for 31% of sales in July.