According to data released yesterday by the National Association of Realtors, existing-home sales hit a five-month high in July. However, they continue to be below sales numbers from last year at this time.
Existing-home sales increased 3.1 percent in July to 5 million units. July sales were 13.2 percent lower than the 5.76 million-unit pace in July 2007.
The national median existing-home price for all housing types (including single-family, townhomes, condominiums and co-ops) was down 7.1 percent from a year ago.
Local statistics should be available soon.