NEW YORK, Aug. 25 (UPI) -- Existing U.S. home sales climbed better than expected in July but prices kept dropping and inventories expanded, a report said Monday.
The National Association of Realtors said home resales rose 3.1 percent to a 5 million annual rate from 4.85 million during June. Estimates had the figure at 4.92 million.
The median home price was $212,400 in July, down 7.1 percent from $228,600 in July 2007. The median price in June this year was $215,100.
The report said falling prices were restraining sales, as would-be buyers wait for a better deal, and high inventories are driving down prices, The Wall Street Journal said.
Despite the sales increase, inventories of homes rose 3.9 percent at the end of July to a record-high 4.67 million available for sale, which represented an 11.2-month supply at the current sales pace. There was an 11.1-month supply at the end of June.
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BOSTON, Oct. 7 (UPI) --
Harvard University says its Houghton Library will house the late U.S. author John Updike's manuscripts, photos and correspondence.
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