While still well behind (-13.2%) 2007's pace, existing home sales for July posted a seasonally adjusted annualized rate of 5 million units, up 3.1% from June. Single family existing home sales were also up 3.1% from June to a 4.39 million-unit pace, according to the National Association of Realtors.
Through seven months, nearly 2.9 million existing homes have been sold, down 11.8% from 2007's same period results.
Average existing home price during July was $254,000, down 8.0% from the average for the same month in 2007. At current sales rates, there are 11.2 months' worth of unsold homes on the market.