Some mixed news on the housing front this morning. Existing home sales rose 3.1% in July to an annualized rate of 5,000,000, representing a 13.2% drop year-over-year. The consensus estimate for sales levels was 4,900,000. Median home prices dropped 7.1% year-over-year to $212,400.
The bad news is that inventories rose 3.9% to 11.2 months supply, an all-time high. The rise in inventories can be attributed to a glut of condominium construction which begain two years ago which is now being completed.
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