Home Resales Fall Again in July

Washington, DC, Aug. 24, 2010--Home resales dropped 27.2% in July largely because of the expiration of a federal tax credit, according to the National Association of Realtors.

NAR said existing-home sales fell to a seasonally adjusted annual rate of 3.83 million in July from a revised 5.26 million in June.

Sales of single-family homes fell to the lowest rate in 15 years.

Inventories of unsold homes rose 2.5% to 3.98 million in July, representing a 12.5-month supply, the highest level since at least 1999.

The median sales price edged up 0.7% in the past year to $182,600 in July, the NAR said.