Today, the National Association of Realtors (NAR) released its Existing-Home Sales Report for July. It showed an increase in sales, with total home sales climbing a whopping 6.5% since June and rising 17.2% above the level seen in July 2012. Single-family home sales also rose climbing a notable 6.3% from June, rising 16.4% above the level seen in July 2012. The median selling price increased a notable 13.5% above the level seen a year earlier.
Inventory of single-family homes increased from June to 2.00 million units, but still remained 3.8% below the level seen in July 2012. That, along with the sales pace, resulted in a monthly supply of 5.0 months. The following charts show national existing single-family home sales, median home prices, and inventory and months of supply since 2005.