Home sales better, but prices still fall

Published: Aug. 25, 2008 at 2:08 PM
Order reprints
(UPI Photo Files)
(UPI Photo Files) | Enlarge Enlarge
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.


© 2008 United Press International, Inc. All Rights Reserved.



Panetta: Congress not told of CIA program
Biden goes on the road to defend stimulus
The two-edged sword of online games
Rio Tinto employees face spy charges
Ghana prepared to greet Obama
ATVs aren't toys, parents should supervise
Rescuers should know how to swim
fark
Fewer calories allow monkeys to live longer. Good thing you're not a monkey
"Resident found out it's not OK to shoot raccoons and gerbils...He told police that he and his neighbors...
Thousands homeless after China Quake. Quisp unavailable for comment
Ugly-ass okapi born at Denver Zoo. In fact, "okapi" means "ugly-ass" in Swahili
If you find a live grenade in your newly purchased vehicle, you probably shouldn't wait a month...
Family tries to lure back lost dog by spraying their own urine all over town. They then want to...