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Sales of previously owned homes were 21 percent higher than last year’s levels in July. According to the National Association of Realtors, existing-home sales were down 3.5 percent from June’s upwardly revised estimates but the 4.67 million annual rate was well above the 3.86 million unit pace in July 2010, which followed the expiration of the homebuyer tax credit. Lawrence Yun, NAR chief economist, said there is a tug and pull on the market despite the most favorable affordability conditions dating back to 1970. The national median existing-home price was $174,000 in July and total housing inventory fell 1.7 percent. More here.
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