Existing Home Sales Post Gain, But So Does Inventory

"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."