U.S. Home Sales at Highest Level in 5 Months
August 25, 2008
According to the National Association of Realtors, U.S. existing-home sales rose in July to the highest level in five months. Existing-home sales including single-family, town homes, condominiums and co-ops increased 3.1% to a seasonally adjusted annual rate of 5.00 million units in July. However, the total housing inventory at the end of July rose 3.9% to 4.67 million existing homes available for sale, which represents an 11.2 month supply at the current sales pace and matches the record set in April. The U.S. dollar gained nearly 0.3% against a basket of currencies following the data release.