"he Monday release of existing home sales numbers for July by the National Association of Realtors clearly illustrates the sort of double-edge sword now in play for real estate — sales have been picking up, yes, but inventory continues to grow as well. Existing-home sales rose in July to their highest level in five months, increasing 3.1 percent to a seasonally-adjusted annual rate of 5.00 million units in July from a downwardly revised level of 4.85 million in June. It should be noted, however, that July’s totals were also 13.2 percent lower than the 5.76 million-unit pace recorded in July 2007."

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